Description
BSE imposes Long Term Additional Surveillance Measures (LT-ASM) on select securities effective April 10-15, 2026, including 100% margins, lower price bands, and group transfers as per revised LT-ASM framework.
Summary
BSE has issued a notice on the applicability of Long Term Additional Surveillance Measures (LT-ASM) on select securities as per the revised LT-ASM framework. The notice covers securities being placed under 100% margin requirements, securities moving to higher LT-ASM stages, securities being transferred to different trading groups, and securities exiting the LT-ASM framework. The framework is based on XBRL submissions by listed companies and is applied purely for market surveillance purposes.
Key Points
- 100% margins will be applicable from April 15, 2026 on all open positions as on April 13, 2026 and all new positions created from April 15, 2026 onwards (Annexure I, Part A)
- Securities moving to higher LT-ASM stages are effective April 10, 2026 (Annexure I, Part B)
- Lower Price Band will be applicable from April 10, 2026 for securities under the framework
- Select securities will be transferred to T / XT / MT / TS Group effective April 15, 2026 while continuing under the LT-ASM framework (Annexure I, Part D)
- Securities exiting the LT-ASM framework are listed in Annexure II, effective April 10, 2026
- Consolidated list of all securities currently under the framework is provided in Annexure III
- Shortlisting is based on XBRL submissions by listed companies and should not be construed as adverse action
Regulatory Changes
This notice operates under the revised LT-ASM framework as established by:
- Exchange notice no. 20180321-46 dated March 21, 2018 (original framework)
- Exchange notice no. 20181027-1 dated October 27, 2018
- Exchange notice no. 20201204-56 dated December 04, 2020
- Exchange notice no. 20240809-46 dated August 09, 2024
- Exchange notice no. 20240920-63 dated September 20, 2024 (latest revision)
- Exchange notice no. 20210604-41 dated June 04, 2021 (group transfer provisions)
Compliance Requirements
- Market participants must maintain 100% margins on existing open positions as on April 13, 2026 and on all new positions from April 15, 2026 in affected securities
- Trading members must adhere to the lower price band applicable from April 10, 2026 for securities newly placed/moved under the framework
- Upon exit from the framework, the price band reverts to the pre-LT-ASM level, unless the scrip is under any other surveillance measure
- For clarifications, members may contact bse.surv@bseindia.com
- The LT-ASM framework applies in conjunction with all other prevailing surveillance measures imposed by the exchanges
Important Dates
- April 10, 2026: Securities move to higher LT-ASM stages; Lower Price Band becomes applicable; Securities exit LT-ASM framework (Annexure II)
- April 13, 2026: Reference date for open positions subject to 100% margin requirement
- April 15, 2026: 100% margin requirement effective on open positions and new positions; Securities transferred to T/XT/MT/TS Group
Impact Assessment
The notice has a high impact on traders and investors holding or planning to trade in the affected securities. The 100% margin requirement significantly increases the cost of taking or maintaining positions, effectively restricting leverage and potentially reducing liquidity in these scrips. The lower price band limits downside trading flexibility. Securities being moved to T/XT/MT/TS groups may face additional trading restrictions and settlement changes. The framework targets securities flagged through XBRL data analysis, indicating potential financial or governance concerns at the underlying companies. Market participants should review the attached annexures to identify affected securities and adjust their positions accordingly before the effective dates.
Impact Justification
Imposes 100% margin requirements and lower price bands on securities under LT-ASM, directly affecting trading costs and liquidity for affected scrips effective April 10-15, 2026.