Description
BSE imposes 100% margins under LT-ASM framework effective April 10, 2026, with securities moving to higher stages and some exiting the framework effective April 8, 2026.
Summary
BSE has updated the list of securities under the Long Term Additional Surveillance Measure (LT-ASM) framework. Effective April 10, 2026, 100% margins will be applicable on all open positions as on April 9, 2026 and new positions created thereafter (Annexure I, Part A). Securities moving to higher LT-ASM stages and a lower price band will be effective April 8, 2026. Additionally, certain securities will continue in LT-ASM but be transferred to T/XT/MT/TS groups effective April 10, 2026, while others will move out of the LT-ASM framework effective April 8, 2026.
Key Points
- 100% margins imposed on securities in Annexure I (Part A) effective April 10, 2026, covering all open positions as on April 9, 2026 and new positions from April 10, 2026
- Securities in Annexure I (Part B) move to higher LT-ASM stages effective April 8, 2026, with a lower price band applied
- Securities in Annexure I (Part D) remain in LT-ASM but are transferred to T/XT/MT/TS group effective April 10, 2026
- Securities listed in Annexure II move out of the LT-ASM framework effective April 8, 2026
- Consolidated list of all securities under the framework provided in Annexure III
- Shortlisting is based on XBRL submissions by listed companies and is purely for market surveillance purposes
- This framework operates in conjunction with all other prevailing surveillance measures
Regulatory Changes
This notice updates the LT-ASM framework as established by Exchange notice no. 20180321-46 (March 21, 2018) and revised through subsequent notices including:
- Exchange notice no. 20181027-1 (October 27, 2018)
- Exchange notice no. 20201204-56 (December 04, 2020)
- Exchange notice no. 20240809-46 (August 09, 2024)
- Exchange notice no. 20240920-63 (September 20, 2024)
The current circular updates the list of securities subject to LT-ASM and specifies stage movements within the framework.
Compliance Requirements
- Trading Members/Brokers: Must collect and maintain 100% margins on affected securities (Annexure I, Part A) from April 10, 2026
- Market Participants: Must note the lower price band applicable to securities moving to higher LT-ASM stages (Annexure I, Part B) from April 8, 2026
- Clearing Members: Must ensure adequate margin collection on open positions as on April 9, 2026 and new positions from April 10, 2026
- Participants may contact BSE at bse.surv@bseindia.com for clarifications
Important Dates
| Date | Event |
|---|---|
| April 7, 2026 | Notice issued |
| April 8, 2026 | Securities move to higher LT-ASM stages (Annexure I Part B); lower price band applicable; securities exit LT-ASM (Annexure II) |
| April 9, 2026 | Reference date for open positions subject to 100% margin |
| April 10, 2026 | 100% margins effective on open positions (as on April 9) and new positions; securities transferred to T/XT/MT/TS groups (Annexure I Part D) |
Impact Assessment
Market Impact: High — 100% margin requirements significantly increase the cost of holding or creating positions in affected securities, which can reduce liquidity and trading volumes. Securities moved to lower price bands face restricted upside movement.
Investor Impact: Retail and institutional traders holding affected securities must arrange additional capital to meet the 100% margin requirement. This may trigger forced selling if margin cannot be met.
Securities Exiting Framework: Securities moving out of LT-ASM (Annexure II) will have their price bands reinstated to the level applicable before shortlisting, unless subject to another surveillance measure, which could ease trading restrictions for those counters.
Surveillance Context: The shortlisting is based on XBRL filings and is not an adverse regulatory action against the companies, but signals elevated market risk warranting heightened oversight.
Impact Justification
Imposes 100% margin requirements on affected securities and adjusts price bands, directly impacting trading costs and liquidity for multiple listed securities.