Stocks Under Surveillance – October 2026: ESM, ASM & GSM Stocks

Stock exchanges regularly place certain stocks under surveillance to protect investors and maintain orderly trading in the market. During October 2026, select stocks may be added to, removed from or moved between different stages of surveillance frameworks such as the Enhanced Surveillance Measure (ESM), Additional Surveillance Measure (ASM) and Graded Surveillance Measure (GSM).

These SEBI and exchange surveillance measures are designed to address unusual price movements, excessive volatility and speculative trading activity.

Depending on the surveillance category and stage, a stock may face restrictions such as tighter price bands, Trade-to-Trade (T2T) settlement, periodic call auctions, additional margins or restricted trading frequency.

Here’s what investors need to know about **stocks under surveillance in October 2026**.

What is Enhanced Surveillance Measure (ESM)?

The Enhanced Surveillance Measure (ESM) framework is used by stock exchanges to strengthen surveillance of certain securities based on specified parameters, including unusual price movements.

Stocks placed under ESM may face progressively tighter trading restrictions depending on the applicable stage. These can include Trade-to-Trade settlement, reduced price bands and periodic call auctions.

Under ESM Stage II, trading is permitted only in the Trade-to-Trade (T2T) segment, with a 2% price band and trading through Periodic Call Auctions on each trading day.

Investors looking at ESM stocks in October 2026 should check the applicable ESM stage before placing a trade.

What is Graded Surveillance Measure (GSM)?

The Graded Surveillance Measure (GSM) is a surveillance framework under which securities are placed under progressively stricter trading conditions based on predefined criteria.

As a stock moves to a higher GSM stage, the trading restrictions can become more stringent.

Under GSM Stage III, trading is generally permitted once a week, usually on Monday or the first trading day of the week. Buyers may also be required to maintain an Additional Surveillance Deposit (ASD) of 100% of the trade value, subject to applicable exchange rules.

Investors trading in GSM stocks should therefore check the stock's current GSM stage and applicable restrictions.

What is Additional Surveillance Measure (ASM)?

The Additional Surveillance Measure (ASM) allows stock exchanges to impose additional safeguards on securities that meet specified surveillance parameters.

Depending on the applicable ASM framework or stage, restrictions may include higher margin requirements, tighter price bands, Trade-to-Trade settlement and other measures prescribed by the exchanges.

Being included in the ASM stock list does not by itself indicate wrongdoing by a company. It means that additional surveillance measures have been applied to trading in the security based on the relevant exchange criteria.

What is the ASM-IBC Framework?

The ASM-IBC surveillance framework applies to securities of companies undergoing proceedings under the Insolvency and Bankruptcy Code (IBC).

Stocks covered under the applicable IBC surveillance framework may be subject to restricted trading sessions and other exchange-prescribed conditions.

Investors considering such securities should check the latest NSE or BSE circular and understand the applicable trading restrictions before placing an order.

Stocks Under Surveillance - October 2026

The table below tracks stocks entering, exiting or moving between different stages under ESM, ASM, GSM and other applicable surveillance frameworks during October 2026.

Surveillance lists can be revised by the stock exchanges from time to time. Investors should therefore check the latest NSE and BSE surveillance circulars for the applicable stage, effective date and trading restrictions before investing or trading.

What Should Investors Keep in Mind?

A stock being placed under ESM, ASM or GSM does not automatically mean that investors cannot trade in it. However, the applicable surveillance measures can significantly affect liquidity, price movement, margins and order execution.

Before trading in a stock under surveillance, check its current surveillance category, applicable stage, price band, settlement mechanism and any additional margin or trading restrictions.

Understanding these measures can help investors make more informed decisions and avoid unexpected restrictions while placing trades.