Stocks Under Surveillance – September 2026

To safeguard investor interests and ensure orderly market functioning, SEBI and the stock exchanges continue to monitor select securities under various surveillance frameworks during September 2026.

These surveillance measures are designed to curb excessive price volatility, discourage speculative activity and encourage investors to make informed trading decisions.

Depending on the surveillance framework and stage applicable to a stock, restrictions may include tighter price bands, compulsory Trade-to-Trade settlement, periodic call auctions, restricted trading frequency and additional margin requirements.

Enhanced Surveillance Measure (ESM)

The Enhanced Surveillance Measure (ESM) framework is primarily used to strengthen monitoring of certain securities where unusual price movements or other surveillance parameters may warrant additional safeguards.

Restrictions become progressively tighter depending on the ESM stage. These may 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.

Graded Surveillance Measure (GSM)

The Graded Surveillance Measure (GSM) framework places securities under progressively stricter trading conditions based on predefined surveillance criteria.

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

Additional Surveillance Measure (ASM)

The Additional Surveillance Measure (ASM) framework enables exchanges to apply additional safeguards to securities that meet specified surveillance parameters.

Depending on the applicable stage, measures may include higher margins, tighter price bands and Trade-to-Trade settlement, among other restrictions.

Additional Surveillance Measure – IBC Framework

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

Trading in securities covered under the applicable IBC surveillance framework may be subject to restricted trading sessions and other exchange-prescribed conditions. Investors should check the latest exchange circular before placing trades.

Stocks Under Surveillance – September 2026

The table below will track stocks entering or moving under ESM, ASM, GSM and other applicable surveillance frameworks during September 2026.