Description

BSE imposes Long Term Additional Surveillance Measures (LT-ASM) on select securities effective April 23-27, 2026, including 100% margin requirements and lower price bands under the revised LT-ASM framework.

Summary

BSE has announced the applicability of Long Term Additional Surveillance Measures (LT-ASM) on select securities under the revised LT-ASM framework. The notice covers new inclusions requiring 100% margins effective April 27, 2026, securities moving to higher LT-ASM stages with lower price bands effective April 23, 2026, securities being transferred to T/XT/MT/TS groups, and securities moving out of the LT-ASM framework. The complete list of affected securities is provided in Annexures attached to the notice.

Key Points

  • 100% margins applicable from April 27, 2026 on all open positions as on April 24, 2026 and new positions created thereafter (Annexure I, Part A)
  • Securities moved to higher LT-ASM stages effective April 23, 2026 with Lower Price Band also applicable from that date (Annexure I, Part B)
  • Certain securities to continue in LT-ASM but transferred to T/XT/MT/TS Group effective April 27, 2026 (Annexure I, Part D)
  • Securities moving out of LT-ASM Framework effective April 23, 2026 listed in Annexure II
  • Consolidated list of all securities under the framework provided in Annexure III
  • Shortlisting is based purely on market surveillance and XBRL submissions; not to be construed as adverse action against any company
  • Price band for scrips exiting the framework reinstated to pre-shortlisting levels, unless subject to another surveillance measure

Regulatory Changes

This notice operates under the revised LT-ASM framework established via Exchange notice no. 20180321-46 (March 21, 2018) and subsequently revised through notices dated October 27, 2018, December 4, 2020, August 9, 2024, and September 20, 2024. The framework for T/XT/MT/TS group transfers operates under Exchange notice no. 20210604-41 (June 4, 2021). The LT-ASM framework applies in conjunction with all other prevailing surveillance measures imposed by the exchanges.

Compliance Requirements

  • Market participants must maintain 100% margins on all open positions in Annexure I (Part A) securities as of April 24, 2026
  • Brokers and members must apply the revised margin and price band requirements from the effective dates
  • Members may seek clarifications by writing to bse.surv@bseindia.com
  • Securities shortlisted based on XBRL submissions by listed companies; listed entities should ensure timely and accurate XBRL filings

Important Dates

  • April 23, 2026: Securities moved to higher LT-ASM stages take effect; Lower Price Band applicable; securities moving out of LT-ASM framework take effect
  • April 24, 2026: Reference date for open positions subject to 100% margin
  • April 27, 2026: 100% margin requirement effective for open positions and new positions; transfer of certain securities to T/XT/MT/TS Group effective

Impact Assessment

The imposition of 100% margins significantly increases the cost of trading in affected securities, reducing leverage and potentially suppressing liquidity. Securities moved to higher LT-ASM stages face additional price band restrictions, limiting daily price movement. Traders and investors holding positions in affected scrips as of April 24, 2026 must arrange additional capital by April 27, 2026. Conversely, securities exiting the LT-ASM framework will see price band restrictions lifted, potentially increasing trading activity. The framework is intended as a market surveillance tool and should not be interpreted as a fundamental adverse finding against the listed companies.

Impact Justification

Imposes 100% margin requirements and lower price bands on multiple securities, directly affecting trading costs and liquidity for affected scrips starting April 23-27, 2026.