Description

BSE imposes Long Term Additional Surveillance Measures (LT-ASM) with 100% margins effective April 13, 2026, and updates to securities moving into higher stages and out of the LT-ASM framework effective April 9, 2026.

Summary

BSE has updated the Long Term Additional Surveillance Measure (LT-ASM) framework, imposing 100% margin requirements on select securities effective April 13, 2026. Additionally, certain securities are being moved to higher LT-ASM stages and others are exiting the framework, both effective April 9, 2026. The notice references the original framework circular from March 21, 2018 and subsequent revisions including the latest updates from August and September 2024.

Key Points

  • 100% margins applicable w.e.f. April 13, 2026 on all open positions as on April 10, 2026 and all new positions created thereafter (Annexure I, Part A)
  • Securities moved to higher stages of the LT-ASM framework w.e.f. April 9, 2026 (Annexure I, Part B)
  • Lower Price Band imposed w.e.f. April 9, 2026 on newly added securities
  • Certain securities continue in LT-ASM but are transferred to T/XT/MT/TS Group w.e.f. April 13, 2026 (Annexure I, Part D)
  • Securities exiting the LT-ASM framework w.e.f. April 9, 2026 listed in Annexure II
  • Consolidated list of all securities under the framework provided in Annexure III
  • Shortlisting is purely for market surveillance and should not be construed as adverse action against the concerned company
  • Shortlisting of securities is based on XBRL submissions by the respective listed companies

Regulatory Changes

  • LT-ASM framework revised per Exchange notices: 20180321-46, 20181027-1, 20201204-56, 20240809-46, and 20240920-63
  • New securities added to LT-ASM stages; certain securities graduated to higher stages
  • Securities exiting the framework will have their price bands reinstated to pre-LT-ASM levels, unless under another surveillance measure
  • Price band of a scrip moving out reverts to the band applicable before shortlisting, subject to no other prevailing surveillance measure

Compliance Requirements

  • Market participants must ensure 100% margins are maintained on affected securities from April 13, 2026
  • Brokers and members must update their systems to reflect the new group classifications (T/XT/MT/TS) for transferred securities effective April 13, 2026
  • Members should review Annexures I, II, and III to identify affected securities and update trading parameters accordingly
  • For clarifications, members may write to bse.surv@bseindia.com

Important Dates

  • April 9, 2026: Securities moved to higher LT-ASM stages take effect; Lower Price Band imposed; Securities exit LT-ASM framework
  • April 10, 2026: Reference date for open positions on which 100% margins will apply from April 13
  • April 13, 2026: 100% margin requirement becomes effective; Securities transferred to T/XT/MT/TS Group

Impact Assessment

This notice has a high market impact as 100% margin requirements significantly increase the cost of holding positions in affected securities, effectively reducing liquidity and discouraging speculative trading. Securities moved to higher LT-ASM stages face stricter restrictions including tightened price bands, reducing intraday volatility but also limiting trading flexibility. Retail and institutional participants holding positions in these securities must arrange additional capital by April 13, 2026 or face forced liquidation. Securities exiting the framework may see improved sentiment and eased trading conditions as normal price bands and margin requirements are restored.

Impact Justification

Imposes 100% margin requirements on multiple securities, restricts price bands, and reclassifies stocks into surveillance groups — directly affecting tradability and cost of holding positions for market participants.