Description

BSE announces applicability of Long Term Additional Surveillance Measure (LT-ASM) with 100% margins on select securities effective April 23, 2026, along with movement of securities across LT-ASM stages and exits from the framework effective April 21, 2026.

Summary

BSE has announced the applicability of Long Term Additional Surveillance Measures (LT-ASM) on select securities under its revised LT-ASM framework. The notice covers new securities being placed under LT-ASM with 100% margin requirements, securities moving to higher stages within the framework, securities exiting the framework, and transfer of certain securities to T/XT/MT/TS groups. The specific securities are listed in annexures attached to the notice.

Key Points

  • 100% margins shall be applicable from April 23, 2026 on all open positions as on April 22, 2026 and new positions created from April 23, 2026 onwards (Annexure I, Part A)
  • Securities are moved to higher stages of the LT-ASM framework effective April 21, 2026 (Annexure I, Part B)
  • Lower Price Band shall be applicable from April 21, 2026 for securities placed under the framework
  • Certain LT-ASM securities shall be transferred to T/XT/MT/TS Group effective April 23, 2026 (Annexure I, Part D)
  • Securities moving out of the LT-ASM framework are listed in Annexure II, effective April 21, 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 market surveillance purposes

Regulatory Changes

This notice is issued under the revised LT-ASM framework established by Exchange notice no. 20180321-46 (March 21, 2018) and subsequently revised via notices dated October 27, 2018, December 4, 2020, August 9, 2024, and September 20, 2024. Securities are periodically reviewed and moved across stages or removed from the framework based on surveillance criteria.

Compliance Requirements

  • Market participants must maintain 100% margins on open positions in newly designated LT-ASM securities from April 23, 2026
  • Members/brokers must ensure clients are aware of the revised margin and price band requirements for affected securities
  • The LT-ASM framework operates in conjunction with all other prevailing surveillance measures imposed by the exchanges
  • For clarifications, members may contact BSE Surveillance at bse.surv@bseindia.com

Important Dates

  • April 21, 2026: Securities move to higher LT-ASM stages; lower price band becomes applicable; securities exit LT-ASM framework (Annexure II)
  • April 22, 2026: Reference date for open positions subject to 100% margin requirement
  • April 23, 2026: 100% margins effective on all open positions as of April 22, 2026 and all new positions; transfer of certain securities to T/XT/MT/TS Group

Impact Assessment

The imposition of 100% margins significantly increases the cost of carrying positions in affected securities, reducing leverage and potentially triggering forced liquidations for undercapitalized accounts. The lower price band restricts downside price movement, limiting losses but also liquidity. Transfer of securities to T/XT/MT/TS groups restricts their trading category. This measure affects retail and institutional participants holding positions in the shortlisted securities and may result in increased volatility around the effective dates as market participants adjust positions. The measure is surveillance-driven and does not indicate any adverse regulatory finding against the concerned companies.

Impact Justification

Imposes 100% margin requirements on affected securities and modifies price bands, directly impacting trading costs and liquidity for all market participants holding or trading LT-ASM listed securities.