How to find the list of scrips where MIS, cover orders or trading is restricted

The list of scrips where MIS, cover orders, bracket orders or trading itself is restricted lives in three places: a consolidated scrip-restriction file Zerodha publishes under Resources, Utilities on zerodha.com that names the allowed product types per scrip; the GSM , ASM , ESM and trade-to-trade surveillance lists that NSE and BSE maintain; and the live Kite order window, where a blocked product type is greyed out the moment you open it. A restriction is never hidden, but it is split across a broker file, the exchange frameworks and the order screen, and knowing which one to read saves a rejected order.

A trader hit with a “this scrip is not allowed for MIS” or a cover order that refuses to load is usually looking at one of two layers. The first is a Zerodha-level product restriction, where the broker has disabled intraday leverage on a scrip for its own risk reasons. The second is an exchange-level surveillance measure, where SEBI and the exchanges have placed the scrip under GSM, ASM, ESM or trade-to-trade and the segment rules curtail what any broker can offer. The two interact: an exchange surveillance stage often forces the broker restriction.

Conflict-of-interest disclosure. This guide is published by the WebNotes Editorial Team for informational purposes and is written independently. WebNotes operates a Zerodha account-opening referral programme, disclosed on the pages that carry the referral link; this guide does not carry it and earns no referral commission from the procedure described here.

This article maps each list to its source, explains what each surveillance framework does to your order options, and gives the three-step check to run before placing an order on a scrip you are unsure about. For the framework detail itself, see ASM (Additional Surveillance Measure) on Zerodha and GSM (Graded Surveillance Measure) on Zerodha .

Zerodha’s consolidated scrip-restriction file

Zerodha’s own restriction file is the single source for which product types it allows on each scrip. It sits under Resources, then the Utilities section, on zerodha.com, and lists, scrip by scrip, whether MIS, cover orders (CO) and bracket orders (BO) are permitted. Where a scrip is missing a product type in that file, the corresponding option is disabled in the order window.

This file captures two kinds of restriction at once. Some entries reflect Zerodha’s own risk view: it routinely disables intraday leverage on illiquid counters, recently listed stocks in their first days, and names where it judges intraday exposure unsafe, independent of any surveillance stage. Other entries flow from the exchange surveillance lists, which the file folds in so that a scrip under ASM Stage 2 or in the T2T segment shows MIS and CO as unavailable. Reading the broker file first tells you what you can actually place; reading the exchange frameworks next tells you why.

Note that bracket orders are a discontinued order type at Zerodha, so a BO entry in the file is historical context rather than a live product; see Zerodha bracket order discontinuation . Cover orders remain available on the scrips the file permits; see cover order on Zerodha for how the built-in stop-loss leg works.

The exchange surveillance lists

The surveillance frameworks themselves are run by NSE and BSE under a SEBI mandate, and each maintains its own published list that Zerodha mirrors. Four matter for order restrictions.

GSM targets companies with weak fundamentals and abnormal price action. From Stage 2 upward, fresh buying is restricted and trading is frequently confined to a weekly periodic call auction , sometimes only on the first trading day of the week. A GSM Stage 2 buy that simply refuses is the framework working, not a Kite fault; see GSM Stage 2 and above restrictions .

ASM targets unusual price or volume patterns and applies graded restrictions: 100 per cent upfront margin at Stage 1, then T2T and no intraday at higher stages, up to a periodic call auction at the top stage. ASM runs in two streams, long-term ASM Stage 1 to 4 with a monthly trigger and short-term ASM with a daily or weekly trigger, and a scrip can sit on one or both.

ESM, the Enhanced Surveillance Measure, was added later to cover micro and small-cap scrips outside the GSM and ASM nets, imposing periodic call auction trading and 100 per cent margin on the smallest counters. T2T, the trade-to-trade segment , bars intraday and BTST outright: every trade must end in delivery, so MIS, CO and BO are simply unavailable there, leaving only CNC delivery. For the broader picture, see surveillance measures and trading risks .

The Zerodha monthly surveillance bulletin

Between the broker file and the exchange lists, Zerodha publishes a monthly “Surveillance measure on scrips” bulletin on its Market Intelligence page. It is the practical digest: it lists the scrips newly added to or moved within GSM, ASM, ESM and T2T for the month, so a trader can see at a glance which names changed status. Because the underlying categorisations change on daily, weekly and monthly cycles, the latest bulletin is the most current consolidated read, and the right reference when a previously tradable scrip suddenly restricts.

How to check before placing an order

Run these three checks, fastest first, before you commit to a scrip you are unsure about.

First, open the Kite order window for the scrip. Restricted product types are greyed out: a disabled MIS toggle or a missing cover order option is the quickest, real-time confirmation that the scrip is restricted, and it reflects both broker and exchange restrictions as they stand at that moment. This is the check to trust when you are about to trade.

Second, consult the consolidated scrip-restriction file under Resources, Utilities on zerodha.com to see exactly which product types (MIS, CO, BO) are allowed for the specific scrip. Use this when you want to plan ahead rather than discover the block at the order screen, for instance before building a basket order of intraday positions.

Third, check the latest monthly surveillance bulletin on Zerodha Market Intelligence, and the NSE or BSE GSM, ASM and ESM lists, to see whether the scrip was newly added to a surveillance stage. Use this to understand the why behind a block and to anticipate a coming restriction, since a scrip flagged in this month’s bulletin will show curtailed products in next week’s order window.

One holdings-visibility quirk is worth flagging: for stocks under a periodic call auction stage, your shares may not be visible on Kite on the non-trading days, but they remain viewable in Console . A missing holding on a surveillance scrip is usually a display effect of the auction schedule, not a lost position.

Why an order can still be rejected after the checks

Even a scrip that the file permits can throw a rejection at the order window, because surveillance status is only one of several risk filters. A scrip newly promoted to ASM Stage 2 between the file’s update and your order, a price-band breach on a GSM call-auction counter, or a Zerodha intraday block added intraday will all surface as a rejection message rather than a greyed toggle. When that happens, read the rejection reason rather than re-attempting blindly; the how to fix an RMS rejection on Zerodha pathway covers the risk-management bounces, and the penny stock block nudge on Kite covers the warning Kite shows before you trade a flagged micro-cap.

See also

• ASM (Additional Surveillance Measure) on Zerodha
• GSM (Graded Surveillance Measure) on Zerodha
• GSM Stage 2 and above restrictions
• Long-term ASM Stage 1 to 4
• Short-term ASM
• T2T (Trade-to-Trade) stocks on Zerodha
• Trade-to-trade segment rules
• Periodic call auction stocks
• Surveillance measures and trading risks
• Circuit limits and price bands
• CNC product code
• MIS product code
• NRML product code
• Cover order on Zerodha
• Zerodha bracket order discontinuation
• Basket order on Kite
• GTT order on Zerodha
• How to fix an RMS rejection on Zerodha
• Penny stock block nudge on Kite
• Kite nudges
• Zerodha Console
• Kite by Zerodha
• Zerodha
• National Stock Exchange
• Bombay Stock Exchange
• SEBI

External references

• Zerodha support: How to keep track of stocks blocked for trading
• Zerodha support: Why is buying restricted for GSM Stage 2 and above stocks?
• Zerodha Market Intelligence: Surveillance measure on scrips bulletin
• NSE India: Surveillance measures (ASM, GSM, ESM)
• BSE India: Surveillance
• SEBI: Graded Surveillance Measure and Additional Surveillance Measure framework

References

1. Zerodha support, How to keep track of stocks blocked for trading (consolidated restriction file under Resources, Utilities; product-type availability; as of June 2026).
2. Zerodha support, Why is buying restricted for GSM Stage 2 and above stocks? (as of June 2026).
3. Zerodha Market Intelligence, Surveillance measure on scrips, monthly bulletin (GSM, ASM, ESM, T2T additions).
4. NSE India, exchange surveillance frameworks: Additional Surveillance Measure, Graded Surveillance Measure and Enhanced Surveillance Measure, operational guidelines.
5. SEBI, joint surveillance framework with NSE and BSE for GSM, ASM and ESM categorisation of scrips.