GSM on WebNotes

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

Sun, 21 Jun 2026 00:00:00 +0000

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.

Why iceberg and MIS orders are not allowed for some stocks on Kite

Sun, 21 Jun 2026 00:00:00 +0000

Iceberg and MIS intraday orders disappear from the Kite order window for a stock when that scrip sits under a surveillance framework, in the trade-to-trade segment, has thin liquidity, or carries a narrow circuit band. In those cases Kite removes the MIS and cover order (CO) products and the iceberg slicing option, leaving only CNC delivery for that symbol. The block is not a glitch; it is the broker and the exchange withdrawing leverage and order-slicing from a scrip where same-day netting or hidden size would raise settlement risk or aid price manipulation.

ASM and GSM frameworks explained

Wed, 20 May 2026 00:00:00 +0000

The Additional Surveillance Measure (ASM) and Graded Surveillance Measure (GSM) frameworks are SEBI / exchange-level surveillance mechanisms that restrict trading on scrips showing unusual price or volume patterns, protecting retail investors from potential pump-and-dump schemes and managing market quality.

ASM and GSM are distinct frameworks

Framework	Focus	Trigger
ASM	Volatility, price-volume anomalies	Statistical thresholds (price band, volume, delivery %, etc.)
GSM	Fundamental quality, surveillance concerns	Earnings, governance, low-float, illiquidity

A scrip can be on ASM only, GSM only, both simultaneously, or neither.

GSM (Graded Surveillance Measure) on Zerodha

Wed, 20 May 2026 00:00:00 +0000

Graded Surveillance Measure (GSM) targets scrips with fundamental quality concerns: low free float, earnings concerns, auditor issues, promoter pledge, etc. Different from ASM, which focuses on price-volume anomalies.

For the broader framework: ASM and GSM frameworks explained .

GSM stages

GSM has stages 1-6. Higher stages = more severe concerns + tighter restrictions:

Stage	Indicative restrictions
Stage 1-3	100% upfront margin; tightened price band
Stage 4-6	T2T settlement; tighter band; Periodic Call Auction

Triggers

Very low free float.
Net worth below threshold.
Earnings decline.
Auditor qualifications.
Promoter pledge concentration.

On Zerodha

GSM scrips carry surveillance tag in Kite.
Stage-specific restrictions applied at order placement.
Existing holdings can be sold via delivery.

External references

References

NSE India, GSM framework, nseindia.com.
SEBI, Graded Surveillance Measure, sebi.gov.in.

GSM stage 2+ restrictions

Wed, 20 May 2026 00:00:00 +0000

At GSM stage 2 and above, restrictions tighten:

Stage	Restrictions
Stage 2	100% upfront margin; tightened price band (5-10%)
Stage 3	Trade-to-Trade settlement; no intraday
Stage 4-6	Tighter price band (2-5%); Periodic Call Auction; severe restrictions

Why this tightening

GSM stages reflect escalating fundamental concerns. The tighter restrictions:

Reduce speculative interest.
Allow regulator time to investigate.
Protect retail investors.

Impact on retail traders

For scrips at GSM stage 2+:

No intraday.
Tighter price bands restrict daily moves.
Possibly Periodic Call Auction matching.
Limited liquidity as participants exit.

Recovery

A scrip can de-escalate (GSM stage falls) if:

GSM on WebNotes

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

Why iceberg and MIS orders are not allowed for some stocks on Kite

ASM and GSM frameworks explained

ASM and GSM are distinct frameworks

GSM (Graded Surveillance Measure) on Zerodha

GSM stages

Triggers

On Zerodha

See also

External references

References

GSM stage 2+ restrictions

Why this tightening

Impact on retail traders

Recovery