Description

BSE imposes Long Term Additional Surveillance Measures (LT-ASM) on select securities effective April 15-17, 2026, including 100% margins on open and new positions and lower price bands.

Summary

BSE has issued a notice under its Long Term Additional Surveillance Measure (LT-ASM) framework applicable to select securities. The notice mandates 100% margins on all open positions as of April 16, 2026 and new positions from April 17, 2026 onwards, with additional lower price bands effective April 15, 2026. Securities moving to higher LT-ASM stages and those exiting the framework are also detailed.

Key Points

  • 100% margins applicable from April 17, 2026 on all open positions as on April 16, 2026 and new positions thereafter
  • Lower Price Band applicable from April 15, 2026 for securities moved to higher LT-ASM stages
  • Securities in LT-ASM framework but transferred to T / XT / MT / TS Group effective April 17, 2026
  • Securities moving out of LT-ASM framework effective April 15, 2026 are listed in Annexure II
  • Consolidated list of all securities under the framework available in Annexure III
  • Shortlisting is purely for market surveillance purposes and not an adverse action against companies

Regulatory Changes

This notice references revisions to the LT-ASM framework per Exchange notices:

  • Notice 20180321-46 (March 21, 2018) — original framework
  • Notice 20181027-1 (October 27, 2018)
  • Notice 20201204-56 (December 04, 2020)
  • Notice 20240809-46 (August 09, 2024)
  • Notice 20240920-63 (September 20, 2024) — latest revision
  • Notice 20210604-41 (June 04, 2021) — T/XT/MT/TS group transfer provisions

Securities exiting the framework will have their original price bands reinstated unless subject to another surveillance measure.

Compliance Requirements

  • Market participants must ensure 100% margins are maintained on positions in LT-ASM-listed securities from April 17, 2026
  • Members must comply with revised price band restrictions effective April 15, 2026
  • Shortlisting is based on XBRL submissions by listed companies; companies must ensure accurate XBRL filings
  • The LT-ASM framework operates in conjunction with all other prevailing surveillance measures
  • For clarifications, members may contact bse.surv@bseindia.com

Important Dates

  • April 13, 2026: Notice date
  • April 15, 2026: Lower Price Band applicable; securities move to higher LT-ASM stages (Annexure I Part B); securities exit LT-ASM framework (Annexure II)
  • April 16, 2026: Reference date for open positions subject to 100% margin
  • April 17, 2026: 100% margins effective on open positions and new positions; transfers to T/XT/MT/TS Group effective

Impact Assessment

The imposition of 100% margins significantly increases the cost of holding or taking new positions in affected securities, reducing leverage and potentially lowering liquidity. Securities moved to the T/XT/MT/TS group face trade-to-trade settlement, eliminating intraday netting benefits. Lower price bands restrict downside price movement, limiting exit opportunities for holders. These measures collectively increase risk management requirements for brokers and traders dealing in the listed securities, and may result in forced position unwinding for participants unable to meet the enhanced margin requirements.

Impact Justification

Imposes 100% margin requirements on affected securities and modifies price bands, directly impacting trading costs and liquidity for multiple listed securities under LT-ASM framework.