Description

BSE notifies inclusion of securities under ST-ASM Stage I and Stage II with enhanced margin requirements of 50% and 100% respectively, effective April 21, 2026.

Summary

BSE has notified the inclusion of securities under Short Term Additional Surveillance Measure (ST-ASM) Stage I and Stage II pursuant to the revised ASM framework. Securities under Stage I will attract a minimum margin of 50% (capped at 100%), while Stage II securities will attract a mandatory 100% margin, both effective April 21, 2026.

Key Points

  • Securities satisfying ST-ASM Stage I criteria will attract a margin of 50% or existing margin, whichever is higher (max cap: 100%)
  • Securities satisfying ST-ASM Stage II criteria will attract a margin of 100% or existing margin, whichever is higher (max cap: 100%)
  • Enhanced margins apply to all open positions as on April 20, 2026 and new positions from April 21, 2026
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting under ASM is purely for market surveillance and must not be construed as adverse action against the company
  • Price band of a scrip moving out of the framework will be reinstated to the pre-ASM price band, subject to no other surveillance measure being applicable

Regulatory Changes

This notice is issued further to Exchange notices: 20240920-71 (Sep 20, 2024), 20181027-1 (Oct 27, 2018), 20190719-33 (Jul 19, 2019), 20201204-56 (Dec 4, 2020), 20230925-49 (Sep 25, 2023), and 20240920-63 (Sep 20, 2024) regarding revision of the ASM framework. The specific securities shortlisted are listed in Annexure I attached to the notice.

Compliance Requirements

  • Trading members must ensure applicable margin rates (50% for Stage I, 100% for Stage II) are collected on all open and new positions in shortlisted securities
  • Members should refer to Annexure I for the complete list of securities under each stage
  • For clarifications, members may write to bse.surv@bseindia.com

Important Dates

  • April 17, 2026: Notice date
  • April 20, 2026: Reference date for open positions subject to enhanced margins
  • April 21, 2026: Effective date for enhanced margin requirements under ST-ASM Stage I and Stage II

Impact Assessment

Traders and investors holding positions in the shortlisted securities will face significantly higher margin requirements starting April 21, 2026. Stage II securities require 100% margin, effectively requiring full upfront capital, which may reduce liquidity and trading volumes in these scrips. The measure is intended to curb excessive speculation or abnormal price movements. Market participants with leveraged positions in affected securities may need to top up margins or reduce positions before April 21, 2026.

Impact Justification

Mandatory margin hike to 50%-100% on affected securities effective April 21, 2026 directly impacts trading costs and positions for market participants holding shortlisted scrips.