Surveillance Measures- January 2026

To safeguard investor interests and ensure orderly market functioning, SEBI and stock exchanges have placed certain securities under additional surveillance frameworks. These measures are designed to curb excessive volatility and speculative trading. Restrictions may include narrower price bands, trade-to-trade settlement, periodic call auctions, weekly trading, and higher margin requirements.

Key Surveillance Frameworks – January 2026

Enhanced Surveillance Measure (ESM) – Stage II

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

• Daily price movement capped at 2%

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

Graded Surveillance Measure (GSM) – Stage III

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

• Buyers 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 & Bankruptcy Code (IBC)

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