  The $G/G$ gauged supergroup valued WZNW theory is considered. It is shown
that for $G=\OSP$, the $G/G$ theory tensoring a ($b$, $c$, $\beta$, $\gamma$)
system is equivalent to the non-critical fermionic theory. The relation between
integral or half integral moded affine superalgebra and its reduced theory, the
NS or R superconformal algebra, is discussed in detail. The physical state
space, i.e. the BRST semi-infinite cohomology, is calculated, for the
$\OSP/\OSP$ theory.
