Surveillance Measures – February 2026

Key surveillance frameworks – February 2026

Enhanced Surveillance Measure (ESM) – Stage II

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

• Daily price movement restricted to a 2% band

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

Graded Surveillance Measure (GSM) – Stage III

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

• Buyers must deposit an Additional Surveillance Deposit (ASD) equal 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