Description

BSE imposes Long Term Additional Surveillance Measures (LT-ASM) including 100% margin requirements effective April 24, 2026, with lower price bands and stage upgrades effective April 22, 2026, for securities listed in the attached annexures.

Summary

BSE has issued a notice applying Long Term Additional Surveillance Measures (LT-ASM) to select equity securities. The measures include 100% margin requirements effective April 24, 2026, lower price band restrictions effective April 22, 2026, and movement of certain securities to higher LT-ASM stages. Additionally, some securities are being transferred to the T/XT/MT/TS group and others are being removed from the LT-ASM framework entirely.

Key Points

  • 100% margins will be applicable from April 24, 2026 on all open positions as of April 23, 2026 and all new positions thereafter
  • Lower Price Band will be enforced from April 22, 2026 for securities added to the framework
  • Certain securities are being moved to higher stages within the LT-ASM framework effective April 22, 2026 (Annexure I, Part B)
  • Securities under LT-ASM will continue but be transferred to T/XT/MT/TS group effective April 24, 2026 (Annexure I, Part D)
  • Securities moving out of the LT-ASM framework are listed in Annexure II, effective April 22, 2026
  • A consolidated list of all securities under the framework is provided in Annexure III
  • Shortlisting of securities is based on XBRL submissions by the respective listed companies and is a market surveillance action, not an adverse finding against the company

Regulatory Changes

  • Reference framework: Exchange notice no. 20180321-46 (March 21, 2018) and subsequent notices
  • Revised LT-ASM framework references: notices 20181027-1, 20201204-56, 20240809-46, and 20240920-63
  • Transfer-to-group provisions governed by Exchange notice no. 20210604-41 (June 04, 2021)
  • Price band reinstatement upon exit: scrips moving out of the framework will revert to their pre-LT-ASM price band, unless subject to another surveillance measure

Compliance Requirements

  • Market participants must maintain 100% margins on all open positions in affected securities from April 24, 2026
  • Members should monitor the attached annexures (I, II, III) to identify affected securities
  • For clarifications, members may contact BSE at bse.surv@bseindia.com
  • The LT-ASM framework operates in conjunction with all other prevailing surveillance measures imposed by exchanges

Important Dates

  • April 21, 2026: Notice issued
  • April 22, 2026: Lower Price Band applicable for newly added securities; stage upgrades effective; securities moving out of LT-ASM effective
  • April 23, 2026: Reference date for open positions subject to 100% margin
  • April 24, 2026: 100% margin requirement effective on open positions and new positions; transfer to T/XT/MT/TS group effective

Impact Assessment

This circular has a high market impact as 100% margin requirements significantly increase the cost of holding or taking new positions in affected securities, likely reducing liquidity and trading volumes for those scrips. The movement of securities to higher LT-ASM stages and the lower price band restrictions further constrain price discovery and trading activity. Market participants with existing positions in affected securities must ensure adequate margin availability by April 24, 2026 to avoid forced liquidation. The exit of some securities from the framework may ease restrictions for those scrips, restoring prior price bands subject to no other surveillance overlap.

Impact Justification

Imposes 100% margin requirements on multiple securities, affecting open and new positions from April 24, 2026; also enforces lower price bands and stage upgrades from April 22, 2026, with significant trading restrictions for affected securities.