Description

BSE imposes 100% margins on securities under LT-ASM framework effective April 22, 2026, with updates to securities moving into higher stages and exits from the framework effective April 20, 2026.

Summary

BSE has issued an update to the Long-Term Additional Surveillance Measure (LT-ASM) framework, imposing 100% margins on selected securities effective April 22, 2026. Securities moving to higher LT-ASM stages and those exiting the framework are also notified, with changes effective April 20, 2026. The notice references a series of prior exchange notices revising the LT-ASM framework since 2018.

Key Points

  • 100% margins will apply from April 22, 2026 on all open positions as of April 21, 2026 and new positions created from April 22, 2026 onwards (Annexure I, Part A)
  • Securities moving to higher LT-ASM stages are listed in Annexure I (Part B), effective April 20, 2026
  • Lower Price Band is applicable from April 20, 2026 for newly staged securities
  • Certain securities (Annexure I, Part D) will continue in LT-ASM but be transferred to T / XT / MT / TS Group effective April 22, 2026
  • Securities exiting LT-ASM framework are listed in Annexure II, effective April 20, 2026
  • A consolidated list of all securities under the framework is provided in Annexure III
  • Shortlisting is based on XBRL submissions by listed companies and is purely for surveillance purposes

Regulatory Changes

The LT-ASM framework has been revised pursuant to prior exchange notices:

  • Notice 20180321-46 (March 21, 2018) — original framework
  • Notice 20181027-1 (October 27, 2018) — revision
  • Notice 20201204-56 (December 04, 2020) — revision
  • Notice 20240809-46 (August 09, 2024) — revision
  • Notice 20240920-63 (September 20, 2024) — revision
  • Notice 20210604-41 (June 04, 2021) — framework for group transfers

The framework now explicitly provides for transfer of securities to T / XT / MT / TS settlement groups while still remaining under LT-ASM.

Compliance Requirements

  • Market participants must ensure 100% margins are maintained on affected securities from April 22, 2026
  • Members should review the Annexures for the specific list of affected securities
  • The LT-ASM framework operates alongside all other prevailing surveillance measures
  • Upon exit from the framework, the price band reverts to the pre-shortlisting band unless the scrip is part of another surveillance measure
  • For clarifications, members may contact bse.surv@bseindia.com

Important Dates

  • April 20, 2026: Effective date for securities moving to higher LT-ASM stages (Annexure I, Part B) and lower price band applicability; effective date for securities exiting LT-ASM (Annexure II)
  • April 21, 2026: Reference date for open positions subject to 100% margin
  • April 22, 2026: 100% margins effective on open positions and new positions; transfer of certain securities to T / XT / MT / TS Group (Annexure I, Part D)

Impact Assessment

The imposition of 100% margins significantly increases the cost of holding or creating positions in affected securities, reducing leverage and potentially compressing liquidity. Securities moved to higher LT-ASM stages face tighter price bands, further limiting price discovery. Traders and investors holding these scrips must arrange additional capital by April 21, 2026. The transfer of select securities to T / XT / MT / TS groups may affect settlement cycles and trading eligibility. The shortlisting carries no formal adverse regulatory finding against the companies, but market perception may still be negative.

Impact Justification

Imposes 100% margin requirements and lower price bands on multiple securities, directly affecting trading costs and liquidity for affected scrips.