Description

BSE notice placing securities under ST-ASM Stage I and Stage II with enhanced margin requirements of 50% and 100% respectively, effective April 15, 2026.

Summary

BSE has issued Notice No. 20260410-47 placing specified securities under the Short Term Additional Surveillance Measure (ST-ASM) framework under Stage I and Stage II classifications. Enhanced margin requirements will be applicable from April 15, 2026, affecting both existing open positions as of April 13, 2026, and all new positions thereafter.

Key Points

  • Securities listed in Annexure I have satisfied criteria for inclusion under ST-ASM Stage I with a 50% margin requirement (or existing margin, whichever is higher, capped at 100%).
  • A separate set of securities in Annexure I have satisfied criteria for ST-ASM Stage II with a 100% margin requirement (or existing margin, whichever is higher).
  • The ASM framework operates in conjunction with all other prevailing surveillance measures imposed by the exchanges.
  • Inclusion under ASM is purely a market surveillance action and should not be construed as an adverse action against the concerned company or entity.
  • Securities moving out of the framework will have their price band reinstated to the pre-shortlisting level, unless covered by another surveillance measure.

Regulatory Changes

This notice is issued further to prior exchange notices:

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

These notices collectively established the ASM framework and its revisions. The current notice applies the existing framework to newly shortlisted securities.

Compliance Requirements

  • Trading members must ensure applicable margin rates are collected: 50% (minimum) for ST-ASM Stage I securities and 100% for ST-ASM Stage II securities.
  • Margins apply to all open positions as on April 13, 2026, and all new positions from April 15, 2026.
  • Members must refer to the attached Annexure I for the complete list of securities under each stage.
  • For clarifications, members may contact BSE Surveillance at bse.surv@bseindia.com.

Important Dates

  • April 10, 2026: Notice date; securities shortlisted under ST-ASM.
  • April 13, 2026: Reference date for existing open positions subject to revised margin requirements.
  • April 15, 2026: Effective date for enhanced margin requirements under both ST-ASM Stage I and Stage II.

Impact Assessment

Traders and investors holding positions in the shortlisted securities will face significantly higher margin requirements from April 15, 2026. Stage I securities require at least 50% margin (up to 100%), while Stage II securities require 100% margin, substantially increasing the cost of carrying positions. This may trigger forced liquidations for undercapitalized accounts and reduce liquidity in the affected scrips. Market participants should review the Annexure I list immediately to identify affected holdings and ensure adequate margin coverage ahead of the April 15, 2026 deadline.

Impact Justification

Imposes mandatory margin increases of 50%-100% on securities under ST-ASM Stages I and II, directly affecting trading costs and positions effective April 15, 2026.