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 22, 2026.

Summary

BSE has announced the applicability of Short Term Additional Surveillance Measure (ST-ASM) for securities that have satisfied the criteria for inclusion under ST-ASM Stage I and Stage II. Enhanced margin requirements will be effective from April 22, 2026, applicable to all open positions as on April 21, 2026, and new positions created from April 22, 2026.

Key Points

  • Securities listed in Annexure I have qualified for inclusion under ST-ASM Stage I with a 50% margin requirement (or existing margin, whichever is higher, capped at 100%)
  • Separate securities in Annexure I have also qualified for ST-ASM Stage II with a 100% margin requirement (or existing margin, whichever is higher, capped at 100%)
  • The ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting under ASM is purely for market surveillance and is not an adverse action against the concerned company
  • On exit from the framework, the scrip’s price band will be reinstated to its pre-ASM level, unless subject to another surveillance measure

Regulatory Changes

This notice is issued further to Exchange notices:

  • 20240920-71 dated September 20, 2024
  • 20181027-1 dated October 27, 2018
  • 20190719-33 dated July 19, 2019
  • 20201204-56 dated December 4, 2020
  • 20230925-49 dated September 25, 2023
  • 20240920-63 dated September 20, 2024

These notices collectively govern the revision and operation of the ASM framework.

Compliance Requirements

  • Members/Brokers: Must ensure applicable margins are collected on all affected securities from April 22, 2026
  • ST-ASM Stage I: Collect minimum 50% margin or existing margin (whichever is higher), subject to a cap of 100%
  • ST-ASM Stage II: Collect minimum 100% margin or existing margin (whichever is higher), subject to a cap of 100%
  • Margins apply to both open positions as on April 21, 2026, and any new positions created from April 22, 2026
  • For clarifications, members may contact bse.surv@bseindia.com

Important Dates

  • April 20, 2026: Notice issued
  • April 21, 2026: Reference date for open positions subject to new margin requirements
  • April 22, 2026: Enhanced margin requirements become effective for ST-ASM Stage I and Stage II securities

Impact Assessment

This circular has a high market impact on traders and investors holding securities included in the ST-ASM list. The mandatory increase in margin requirements to 50% (Stage I) or 100% (Stage II) will significantly increase the cost of holding or creating positions in affected scrips. Traders with leveraged positions in these securities may face margin calls, potentially triggering forced liquidations. The measure is designed to curb excessive speculation and volatility in the shortlisted securities. Price band reinstatement provisions ensure an orderly exit mechanism when securities are removed from the framework.

Impact Justification

Mandatory margin increases of 50-100% on affected securities directly impact trading costs and positions for all market participants holding those scrips from April 22, 2026.