Key Surveillance Frameworks – March 2026

To safeguard investor interests and ensure fair and orderly market functioning, SEBI and the stock exchanges continue to monitor certain securities under enhanced surveillance frameworks. These mechanisms are designed to curb excessive price volatility and discourage speculative trading activity. Depending on the applicable framework, restrictions may include narrower price bands, trade-to-trade settlement, periodic call auctions, limited trading days, and higher margin requirements.

Enhanced Surveillance Measure (ESM) – Stage II

• Trading permitted only in the Trade-to-Trade (T2T) segment

• Daily price movement restricted to a 2% band

• All trades executed only through Periodic Call Auctions on each trading day

Graded Surveillance Measure (GSM) – Stage III

• Trading allowed once a week, typically on Monday or the first trading session of the week

• Buyers are required to deposit an Additional Surveillance Deposit (ASD) equivalent to 100% of the trade value

Additional Surveillance Measure (ASM) – IBC Framework

• Applicable to companies undergoing proceedings under the Insolvency and Bankruptcy Code (IBC)

• Trading restricted to weekly sessions, permitted only on Mondays or the first trading day of the week