The G/G gauged supergroup valued WZNW theory is considered. It is shown that for G = OSP (1, 2), the G/G theory tensoring a (b, c, β, γ) 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...