Description

BSE notifies inclusion of securities under ST-ASM Stage I and Stage II effective April 16, 2026, with applicable margin rates of 50% and 100% respectively.

Summary

BSE has issued Notice No. 20260413-43 notifying the inclusion of securities under the Short Term Additional Surveillance Measure (ST-ASM) framework. Securities included under ST-ASM Stage I will attract a minimum margin of 50%, while securities under ST-ASM Stage II will attract a minimum margin of 100%, both effective April 16, 2026.

Key Points

  • Securities satisfying ST-ASM Stage I criteria: applicable margin rate shall be 50% or existing margin, whichever is higher (capped at 100%)
  • Securities satisfying ST-ASM Stage II criteria: applicable margin rate shall be 100% or existing margin, whichever is higher (capped at 100%)
  • Revised margins apply to all open positions as on April 15, 2026 and new positions created from April 16, 2026
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting under ASM is purely for market surveillance and should not be construed as adverse action against the company
  • Price bands for scrips moving out of the framework will be reinstated to pre-shortlisting levels, subject to no other surveillance measure being applicable
  • Specific securities are listed in the attached Annexure I (referenced in the notice)

Regulatory Changes

This notice is issued further to the following prior exchange notices revising the ASM framework:

  • Notice No. 20240920-71 dated September 20, 2024
  • Notice No. 20181027-1 dated October 27, 2018
  • Notice No. 20190719-33 dated July 19, 2019
  • Notice No. 20201204-56 dated December 4, 2020
  • Notice No. 20230925-49 dated September 25, 2023
  • Notice No. 20240920-63 dated September 20, 2024

Compliance Requirements

  • Trading members must ensure compliance with revised margin requirements for securities listed in Annexure I under ST-ASM Stage I and Stage II
  • Members must apply the higher of the specified ASM margin rate or the existing applicable margin rate
  • Margins must be collected on all open positions as on April 15, 2026, and on all new positions from April 16, 2026
  • For clarifications, members may contact BSE Surveillance at bse.surv@bseindia.com

Important Dates

  • April 13, 2026: Circular issuance date
  • April 15, 2026: Reference date for open positions subject to revised margins
  • April 16, 2026: Effective date for revised ST-ASM margin requirements (Stage I and Stage II)

Impact Assessment

The revised margin requirements will significantly impact trading activity in the affected securities. ST-ASM Stage I scrips face a minimum 50% margin requirement, and Stage II scrips face a 100% margin requirement, which will increase the cost of holding positions and may reduce liquidity. This measure is a standard BSE surveillance tool aimed at curbing excessive speculation or volatility in the shortlisted securities. Market participants holding existing positions in these scrips as of April 15, 2026 will need to ensure adequate margins are available. The measure does not reflect any fundamental issue with the listed companies but is a regulatory surveillance action.

Impact Justification

Imposes mandatory margin requirements of 50%-100% on affected securities effective April 16, 2026, directly impacting trading positions and liquidity for listed securities under ST-ASM framework.