Description
BSE imposes 100% margins under LT-ASM framework effective April 16, 2026, with securities moving to higher stages and lower price bands effective April 13, 2026.
Summary
BSE has issued a notice under the Long Term Additional Surveillance Measure (LT-ASM) framework imposing 100% margins on select securities effective April 16, 2026. The notice also covers securities moving to higher LT-ASM stages, application of lower price bands, group transfers to T/XT/MT/TS groups, and securities exiting the LT-ASM framework — all effective from April 13 or April 16, 2026.
Key Points
- 100% margins shall be applicable w.e.f. April 16, 2026 on all open positions as of April 15, 2026 and all new positions created from April 16, 2026 onwards (Annexure I, Part A)
- Securities moved to higher LT-ASM stages w.e.f. April 13, 2026 are listed in Annexure I (Part B)
- Lower Price Band shall be applicable w.e.f. April 13, 2026 for securities under the framework
- Certain securities continue in LT-ASM but are transferred to T/XT/MT/TS Group w.e.f. April 16, 2026 (Annexure I, Part D)
- Securities moving out of LT-ASM Framework w.e.f. April 13, 2026 are listed in Annexure II
- A consolidated list of all securities currently under the framework is provided in Annexure III
- Shortlisting is based on XBRL submissions by listed companies and is purely for market surveillance purposes
Regulatory Changes
This notice references and operates under the following prior regulatory framework:
- Original framework: Exchange notice no. 20180321-46 dated March 21, 2018
- Framework revisions: Exchange notices 20181027-1 (Oct 27, 2018), 20201204-56 (Dec 4, 2020), 20240809-46 (Aug 9, 2024), and 20240920-63 (Sep 20, 2024)
- Group transfer provision: Exchange notice no. 20210604-41 dated June 4, 2021
The LT-ASM framework imposes escalating surveillance measures on securities based on market behavior and XBRL data, including margin requirements, price band restrictions, and group reclassification.
Compliance Requirements
- Brokers/Members: Must ensure 100% margins are collected on open positions in affected securities as of April 15, 2026, and on all new positions from April 16, 2026 onwards
- Market Participants: Must be aware that LT-ASM measures operate in conjunction with all other prevailing surveillance measures imposed by the exchanges
- Listed Companies: Shortlisting is based on XBRL submissions — companies should ensure accurate and timely XBRL filings to avoid surveillance action
- Clarifications: Members may write to bse.surv@bseindia.com for any queries
Important Dates
| Date | Event |
|---|---|
| April 10, 2026 | Notice issued |
| April 13, 2026 | Higher LT-ASM stage transitions effective; Lower Price Band applicable; Securities exit LT-ASM Framework |
| April 15, 2026 | Reference date for open positions subject to 100% margin |
| April 16, 2026 | 100% margin requirement effective on open positions and new positions; Group transfers to T/XT/MT/TS effective |
Impact Assessment
Severity: High — A 100% margin requirement is one of the most restrictive trading measures, requiring traders to fully fund positions without leverage, which significantly reduces trading activity and liquidity in affected stocks.
Market Impact: Securities subject to LT-ASM face multiple simultaneous restrictions — 100% margins, lower price bands, and potential group reclassification to T/XT/MT/TS groups — which typically results in sharp reduction in trading volumes and investor interest.
Investor Impact: Existing position holders in affected stocks must arrange full margin by April 15, 2026, or risk forced liquidation. New positions also require 100% upfront margin from April 16, 2026.
Price Band Restoration: When securities exit the framework, their original price band (prior to LT-ASM inclusion) will be restored, subject to no other active surveillance measure applying a different price band.
Note: Specific securities affected are listed in the attached Annexures (I Part A, I Part B, I Part D, II, and III) to the original PDF notice.
Impact Justification
100% margin requirement is an extreme trading restriction that severely impacts liquidity and investor positions in affected securities; multiple annexures of stocks affected across stage changes, exits, and group transfers.