Description

BSE circular specifying market wide position limits, client level position limits, and institutional investor position limits for stocks and ETFs eligible for Securities Lending and Borrowing Scheme (SLBS) effective March 2026.

Summary

BSE has published the Market Wide Position Limits (MWPL) for stocks and ETFs eligible under the Securities Lending and Borrowing Scheme (SLBS) for March 2026. The circular lists 48 scrips — including 13 ETFs and 35 individual equities — along with their respective market wide, client level, and CM/institutional investor position limits expressed in number of shares.

Key Points

  • Position limits are specified for 48 scrips across three tiers: Market Wide Position Limit (MWPL), Client Level Position Limit, and Position Limit for Clearing Members (CM) and Institutional Investors.
  • Client Level Position Limit is generally set at 1% of MWPL; CM and Institutional Investor limit is 10% of MWPL for equity stocks and 1% for ETFs.
  • Largest MWPL by share count: Ola Electric Mobility Ltd (267.2 million shares), Swiggy Ltd (259.6 million shares), Sagility Ltd (229.6 million shares), NTPC Green Energy Ltd (92.6 million shares), and Niva Bupa Health Insurance Company Ltd (82.5 million shares).
  • Smallest MWPL: Interarch Building Solutions Ltd (680,369 shares), KRN Heat Exchanger And Refrigeration Ltd (1,815,662 shares), INOX India Ltd (2,269,088 shares).
  • ETFs included: VAL30IETF, METAL, BANKPSU, TOP10ADD, MULTICAP, METALIETF, ABSLPSE, OILIETF, SBINEQWETF, EVINDIA, TOP100CASE, MID150CASE, LIQUIDADD.
  • Several recently IPO-listed companies appear in the list, including Hyundai Motor India, Waaree Energies, Bajaj Housing Finance, Brainbees Solutions (FirstCry), and Swiggy.

Regulatory Changes

No new regulatory framework changes. This is a standard periodic update to SLBS position limits as mandated under existing BSE/SEBI SLBS regulations. Limits are recalibrated monthly based on outstanding shares and market data.

Compliance Requirements

  • Market participants (clients, brokers, clearing members, and institutional investors) must ensure their SLBS positions in the listed scrips do not exceed the applicable limits specified in Annexure 1.
  • Clearing Members must monitor aggregate client-level and institutional positions to remain within prescribed thresholds.
  • Positions exceeding limits must be squared off in accordance with BSE/SEBI SLBS guidelines.

Important Dates

  • Effective Period: March 2026
  • Circular Date: February 28, 2026

Impact Assessment

This is a routine monthly operational circular with direct relevance to participants active in the Securities Lending and Borrowing Scheme. The updated limits govern the maximum exposure permissible in SLBS for each listed scrip during March 2026. High-float, large-cap newly listed stocks such as Swiggy, Ola Electric, Sagility, and Bajaj Housing Finance carry the largest absolute position limits, reflecting their significant share supply. ETFs have comparatively conservative client and institutional limits (1% of MWPL vs 10% for equities), limiting speculative lending activity. Market participants must review and adjust open SLBS positions before the March 2026 period commences to avoid regulatory breaches.

Impact Justification

Routine monthly SLBS position limit update for March 2026 covering 48 scrips including ETFs and recently listed stocks. Low importance as it is a standard periodic disclosure, but medium impact for participants actively lending/borrowing these securities under SLBS as limits directly govern maximum permissible positions.