Description

BSE announces inclusion of securities under ST-ASM Stage I and Stage II with enhanced margin requirements of 50% and 100% respectively, effective April 17, 2026.

Summary

BSE has notified the applicability of Short Term Additional Surveillance Measure (ST-ASM) for certain securities that have satisfied criteria for inclusion under Stage I and Stage II of the ST-ASM framework. Enhanced margin requirements will be effective from April 17, 2026, applicable on all open positions as on April 16, 2026 and new positions created thereafter.

Key Points

  • Securities listed in Annexure I have been shortlisted under ST-ASM Stage I with a minimum margin of 50% (or existing margin, whichever is higher), capped at 100%
  • Separate set of securities in Annexure I have been shortlisted under ST-ASM Stage II with a minimum margin of 100% (or existing margin, whichever is higher)
  • The ST-ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting under ASM is purely for market surveillance purposes and should not be construed as adverse action against the company
  • Securities moving out of the framework will have their price bands reinstated to pre-shortlisting levels, subject to no other surveillance measures being applicable

Regulatory Changes

This notice is issued further to earlier Exchange notices:

  • 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

These notices pertain to the revision and framework of the ASM surveillance mechanism.

Compliance Requirements

  • Trading members must ensure margin collection at a minimum rate of 50% for ST-ASM Stage I securities and 100% for ST-ASM Stage II securities
  • The enhanced margins apply to all open positions as on April 16, 2026 and any new positions created from April 17, 2026
  • Members should refer to the attached Annexure I for the specific list of securities under each stage
  • For clarifications, members may contact BSE at bse.surv@bseindia.com

Important Dates

  • April 15, 2026: Notice date; securities identified for ST-ASM inclusion
  • April 16, 2026: Reference date for open positions subject to enhanced margins
  • April 17, 2026: Effective date for enhanced margin requirements under ST-ASM Stage I and Stage II

Impact Assessment

The imposition of ST-ASM has a significant impact on trading activity in the affected securities. The elevated margin requirements (50% for Stage I, 100% for Stage II) substantially increase the capital required to hold or initiate positions, which may reduce liquidity and trading volumes in the shortlisted stocks. Market participants with existing positions in these securities must ensure adequate margin availability by April 16, 2026, or risk forced liquidation. The measure is designed to curb excessive speculation and price manipulation in identified securities. The price band reinstatement provision upon exit from the framework provides a clear exit mechanism for securities that no longer meet the surveillance criteria.

Impact Justification

Imposes significantly elevated margin requirements (50%-100%) on specific securities under ST-ASM framework effective April 17, 2026, directly affecting trading positions and capital requirements for market participants.