The detailed criteria for shortlisting & review of securities under GSM Framework is given below: Criteria I: The following criteria shall be made applicable for inclusion of securities under GSM Framework. Securities with latest available Net worth (Share Capital + Reserves & Surplus – debit balance in P&L) less than or equal to Rs. 10 crores; AND Securities with latest available Net Fixed Assets (Tangible Assets + Capital Work in Progress) less than or equal to Rs. 25 crores; AND Securities with PE greater than 2 times PE of Benchmark Index (Nifty 500) OR negative PE. The following securities shall be excluded from the process of shortlisting of securities under GSM: Securities where the price discovery is yet to take place as per the provision of SEBI circulars CIR/MRD/DP/01/2012 and CIR/MRD/DP/02/2012 dated January 20, 2012. Securities already under suspension; Securities on which derivative products are available; Securities as a part of any index (NSE or BSE); Public Sector Enterprises and its subsidiaries, if available; Securities listed during last 1 year through Initial Public Offering (IPO); Securities which have paid a dividend for each of the last three preceding years; Securities with Institutional holding greater than 10% only if the following conditions are met: If the promoter entity has not offloaded any share in the last 5 years; AND The current trading price of the security is within the range of High & Low price in last 3 years of the respective security. Securities listed through Scheme of Arrangement involving Merger / Demerger during last 1 year: In case of demerger, the following condition shall be applicable: If the parent company is under purview of GSM, the resultant demerged companies shall also attract GSM. If the parent company is not under purview of GSM, the resultant demerged companies shall not be part of GSM at the time of demerger and shall be considered during the subsequent quarterly review. In case of merger of companies, if any of the securities at time of merger are under the purview of GSM, then the same shall be continued on the resultant entity. Criteria II: The following criteria shall be made applicable for inclusion of securities. Securities with full market capitalization less than Rs. 25 crore; AND Securities with PE greater than 2 times PE of Benchmark Index (Nifty 500); OR Securities with negative PE, the following should be considered: P/B (Price to Book) value of scrip greater than 2 times the P/B value of Benchmark Index (Nifty 500) OR P/B value is negative