Description

BSE notifies inclusion of securities under ST-ASM Stage I and Stage II with enhanced margin requirements of 50% and 100% respectively, effective April 9, 2026.

Summary

BSE has notified the applicability of Short Term Additional Surveillance Measure (ST-ASM) for securities that have satisfied criteria for inclusion under ST-ASM Stage I and Stage II. Enhanced margin requirements will apply from April 9, 2026, as part of BSE’s ongoing market surveillance framework.

Key Points

  • Securities satisfying ST-ASM Stage I criteria will attract a margin rate of 50% or existing margin, whichever is higher (capped at 100%)
  • Securities satisfying ST-ASM Stage II criteria will attract a margin rate of 100% or existing margin, whichever is higher (capped at 100%)
  • New margin rates apply to all open positions as on April 8, 2026, and new positions created from April 9, 2026
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting under ASM is purely for market surveillance purposes and should not be construed as adverse action against the company
  • Upon exit from the framework, price band will be reinstated to the pre-ASM level, unless the scrip is under another surveillance measure

Regulatory Changes

This notice is issued further to prior Exchange notices including:

  • Notice No. 20240920-71 dated September 20, 2024
  • Notice No. 20181027-1 dated October 27, 2018
  • Notice No. 20190719-33 dated July 19, 2019
  • Notice No. 20201204-56 dated December 4, 2020
  • Notice No. 20230925-49 dated September 25, 2023
  • Notice No. 20240920-63 dated September 20, 2024

All related to revision of the ASM framework.

Compliance Requirements

  • Trading members must ensure applicable margin rates are collected for securities listed under ST-ASM Stage I (minimum 50%) and Stage II (100%) from April 9, 2026
  • Members must account for enhanced margins on all open positions as on April 8, 2026
  • Members may contact bse.surv@bseindia.com for clarifications
  • Specific securities are listed in Annexure I (attached to the original circular)

Important Dates

  • April 7, 2026: Circular issuance date
  • April 8, 2026: Reference date for open positions subject to new margin rates
  • April 9, 2026: Effective date for enhanced margin requirements under ST-ASM Stage I and Stage II

Impact Assessment

This circular has a high market impact as it significantly raises margin requirements for affected securities. ST-ASM Stage II securities face a 100% margin requirement, which can effectively restrict leveraged trading and reduce liquidity in those scrips. Market participants holding positions in shortlisted securities will need to provide additional margin by April 9, 2026, or reduce their positions. The measure is designed to curb excess volatility and speculative activity in securities exhibiting abnormal price/volume behaviour. The specific list of affected securities is available in the attached Annexure I of the original PDF.

Impact Justification

Imposes significant margin increases (up to 100%) on affected securities effective April 9, 2026, directly impacting trading costs and position management for market participants.