Description

BSE imposes 100% margins on securities under LT-ASM framework effective April 20, 2026, with revised stage movements and lower price bands effective April 16, 2026.

Summary

BSE has issued a notice under the Long Term Additional Surveillance Measure (LT-ASM) framework, effective from April 16 and April 20, 2026. Securities listed in the attached annexures will attract 100% margins, stage upgrades, lower price bands, and group transfers. The framework is in continuation of earlier notices dating back to March 2018 and subsequent revisions.

Key Points

  • 100% margins imposed on open positions as on April 17, 2026, and new positions from April 20, 2026 onwards
  • Securities moved to higher LT-ASM stages effective April 16, 2026 (Annexure I, Part B)
  • Lower Price Band applicable from April 16, 2026
  • Certain securities transferred to T / XT / MT / TS Group effective April 20, 2026 (Annexure I, Part D)
  • Securities exiting LT-ASM framework effective April 16, 2026 listed in Annexure II
  • Consolidated list of all securities under the framework provided in Annexure III
  • Shortlisting is purely for surveillance purposes and not an adverse action against the company

Regulatory Changes

The LT-ASM framework revision is based on earlier exchange notices:

  • Notice 20180321-46 (March 21, 2018) — original framework
  • Notice 20181027-1 (October 27, 2018) — revision
  • Notice 20201204-56 (December 4, 2020) — revision
  • Notice 20210604-41 (June 4, 2021) — group transfer provisions
  • Notice 20240809-46 (August 9, 2024) — framework revision
  • Notice 20240920-63 (September 20, 2024) — framework revision

Price band for scrips exiting the framework will revert to the pre-shortlisting band, unless the scrip is under another surveillance measure.

Compliance Requirements

  • Trading members must ensure 100% margin collection on affected securities from April 20, 2026
  • Members should refer to Annexure I (Part A, B, D), Annexure II, and Annexure III for the full list of impacted securities
  • This framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting is based on XBRL submissions by the listed companies
  • For clarifications, members may contact bse.surv@bseindia.com

Important Dates

  • April 16, 2026: Stage upgrades for securities in higher LT-ASM stages (Annexure I, Part B); Lower Price Band applicable; Securities moving out of LT-ASM (Annexure II)
  • April 17, 2026: Reference date for computing open positions subject to 100% margin
  • April 20, 2026: 100% margins effective on all open and new positions; Group transfers to T / XT / MT / TS effective

Impact Assessment

The imposition of 100% margins significantly increases the cost of holding positions in affected securities, likely reducing liquidity and trading volumes for those scrips. The lower price band further restricts downside price movement. Securities transferred to T/XT/MT/TS groups face additional trading restrictions. Market participants holding open positions in these securities as of April 17, 2026 must arrange for full margin cover by April 20, 2026, necessitating prompt review of portfolios. The periodic review mechanism means securities may enter or exit the framework in future notices.

Impact Justification

Imposition of 100% margins and lower price bands directly affects trading costs and liquidity for securities under LT-ASM, with multiple effective dates requiring immediate action from market participants.