Description
BSE imposes 100% margins under LT-ASM framework effective April 21, 2026, with lower price bands and group transfers for select securities effective April 17, 2026.
Summary
BSE has issued a notice under the Long Term Additional Surveillance Measure (LT-ASM) framework imposing 100% margin requirements on select securities effective April 21, 2026. Additionally, securities moving to higher LT-ASM stages and those exiting the framework have been identified, with changes effective April 17, 2026. The full list of affected securities is provided in the attached annexures.
Key Points
- 100% margins will be applicable from April 21, 2026 on all open positions as on April 20, 2026, and on all new positions created from April 21, 2026 onwards
- Securities moving to higher stages of the LT-ASM framework are listed in Annexure I (Part B), effective April 17, 2026
- Lower Price Band is applicable w.e.f. April 17, 2026 for securities in higher LT-ASM stages
- Certain securities will be transferred to T / XT / MT / TS groups effective April 21, 2026 (Annexure I Part D)
- Securities moving out of the LT-ASM framework are listed in Annexure II, effective April 17, 2026
- Consolidated list of all securities under the LT-ASM framework is provided in Annexure III
- Shortlisting is based on XBRL submissions by listed companies and is purely for surveillance purposes
Regulatory Changes
This notice references and operates under the revised LT-ASM framework established through multiple prior notices:
- Original framework: Notice No. 20180321-46 dated March 21, 2018
- Revision notices: 20181027-1 (Oct 27, 2018), 20201204-56 (Dec 4, 2020), 20240809-46 (Aug 9, 2024), 20240920-63 (Sep 20, 2024)
- Transfer to T/XT/MT/TS group provisions: Notice No. 20210604-41 dated June 4, 2021
The current notice updates the list of securities under the framework and imposes enhanced margin and price band restrictions as part of periodic review.
Compliance Requirements
- Brokers/Members: Must ensure 100% margin collection on all open positions in affected securities as on April 20, 2026, and on new positions from April 21, 2026
- Market Participants: Must note the lower price bands applicable from April 17, 2026 for securities in higher LT-ASM stages
- Members: Required to comply with group transfer changes (T/XT/MT/TS) for applicable securities from April 21, 2026
- LT-ASM framework operates in conjunction with all other prevailing surveillance measures imposed by exchanges
- Clarifications may be sought by writing to bse.surv@bseindia.com
Important Dates
| Date | Event |
|---|---|
| April 16, 2026 | Notice issued |
| April 17, 2026 | Securities moved to higher LT-ASM stages take effect; Lower Price Band applicable; Securities moving out of LT-ASM framework effective |
| April 20, 2026 | Reference date for open positions subject to 100% margin |
| April 21, 2026 | 100% margins applicable on open positions (as of Apr 20) and new positions; Securities transferred to T/XT/MT/TS groups |
Impact Assessment
Market Impact (High): The imposition of 100% margin requirements significantly increases the cost of holding or creating positions in affected securities, likely reducing liquidity and trading volumes. This acts as a strong deterrent against speculative activity in these stocks.
Price Impact (High): Lower price bands restrict downside movement but limit price discovery, while the constraints may trigger forced unwinding of leveraged positions.
Investor Impact: Retail and institutional investors holding positions in LT-ASM securities face increased capital requirements. Investors in securities being transferred to T/XT/MT/TS groups should review settlement and trading obligations under the new group classification.
Note: The specific list of affected securities is available only in the attached annexures (Annexure I Parts A, B, D; Annexure II; Annexure III) which are not reproduced in this notice text. Shortlisting is based on XBRL data submissions and does not constitute adverse regulatory action against the concerned companies.
Impact Justification
Imposition of 100% margins on open and new positions and lower price bands directly restricts trading activity for affected securities, with immediate effective dates impacting market participants significantly.