Description

BSE notifies inclusion of securities under ST-ASM Stage I (50% margin) and Stage II (100% margin), effective April 13, 2026 on open positions as of April 10, 2026.

Summary

BSE has notified the inclusion of certain securities under the Short Term Additional Surveillance Measure (ST-ASM) framework under two stages. Stage I securities will attract a minimum margin of 50% (subject to a cap of 100%), while Stage II securities will attract a minimum margin of 100%. Both stages are effective April 13, 2026, applicable on open positions as of April 10, 2026 and all new positions created from April 13, 2026.

Key Points

  • Securities listed in Annexure I have satisfied criteria for ST-ASM Stage I inclusion with a minimum applicable margin of 50% or existing margin, whichever is higher (capped at 100%)
  • Separate set of securities in Annexure I have satisfied criteria for ST-ASM Stage II inclusion with a minimum applicable margin of 100% or existing margin, whichever is higher (capped at 100%)
  • ASM framework operates in conjunction with all other prevailing surveillance measures imposed by exchanges
  • Shortlisting under ASM is purely for market surveillance purposes and should not be construed as an adverse action against the concerned company or entity
  • Upon exit from the framework, the price band of a scrip will be reinstated to its pre-shortlisting level, unless the scrip remains under another surveillance measure

Regulatory Changes

This circular is issued further to prior ASM framework revision notices:

  • Notice 20240920-71 dated September 20, 2024
  • Notice 20181027-1 dated October 27, 2018
  • Notice 20190719-33 dated July 19, 2019
  • Notice 20201204-56 dated December 4, 2020
  • Notice 20230925-49 dated September 25, 2023
  • Notice 20240920-63 dated September 20, 2024

No new framework changes are introduced; this circular applies the existing ST-ASM framework to newly shortlisted securities.

Compliance Requirements

  • Members/Brokers: Ensure applicable margin rates are collected for ST-ASM Stage I and Stage II securities from clients effective April 13, 2026
  • Stage I: Collect minimum 50% margin or existing applicable margin, whichever is higher (max 100%)
  • Stage II: Collect minimum 100% margin or existing applicable margin, whichever is higher (max 100%)
  • Apply margin requirements on all open positions as of April 10, 2026 and all new positions from April 13, 2026
  • For clarifications, contact: bse.surv@bseindia.com

Important Dates

  • April 9, 2026: Notice date; ST-ASM shortlisting announced
  • April 10, 2026: Reference date for open positions subject to new margin requirements
  • April 13, 2026: Effective date for enhanced margin requirements under ST-ASM Stage I and Stage II

Impact Assessment

Traders and investors holding positions in the shortlisted securities (detailed in Annexure I) will face significantly higher margin requirements from April 13, 2026. Stage II securities require 100% margin, effectively requiring full cash coverage for positions, which may prompt position unwinding or reduce liquidity in affected scrips. Stage I securities face at least 50% margin, increasing the cost of leveraged positions. The measure is intended to curb excessive speculation and volatility in these securities and does not reflect on the fundamental standing of the listed companies.

Impact Justification

Routine periodic ASM framework update affecting specific securities with elevated margin requirements; impacts traders holding or planning positions in shortlisted scrips but is a standard surveillance action.