Surveillance Measures

The Exchange periodically reviews the applicable price bands for securities and the movement of securities into and out of the "Trade for Trade" segment, based on parameters such as price volatility, volume, and other risk criteria specified by SEBI and the Exchange from time to time.

Illiquid securities identified as per SEBI criteria are traded through a periodic call auction mechanism, where orders are collected over a call auction session and matched at a single equilibrium price, instead of continuous trading, to improve price discovery.

GSM is a surveillance measure introduced by SEBI and the Exchanges to alert and protect investors trading in securities that exhibit abnormal price and/or volume movement not commensurate with the financial health and fundamentals of the company, by placing such securities under graded stages of restrictions.

ASM is applied to securities based on objective parameters such as price variation, high low variation, client concentration, PE ratio, close-to-close price variation and volume variation, with additional risk containment measures such as higher margins and reduced price bands.

ESM is applicable to newly listed / thinly traded securities that show significant price movement without adequate track record, subjecting them to enhanced monitoring, additional margins and trading restrictions as prescribed by SEBI and the Exchange.

Securities of companies undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 are subject to specific trading restrictions and disclosure requirements as directed by SEBI and the Exchange.

The complete list of applicable price bands across all groups of securities is published and updated by the Exchange on a periodic basis for reference by Members and investors.