Description

BSE announces inclusion of securities under ST-ASM Stage I and Stage II with enhanced margin requirements effective April 27, 2026, as part of the exchange's ongoing market surveillance framework.

Summary

BSE has announced the applicability of Short-Term Additional Surveillance Measure (ST-ASM) for certain securities that have satisfied the criteria for inclusion under ST-ASM Stage I and Stage II. The measure introduces enhanced margin requirements effective April 27, 2026, applicable to both existing open positions as of April 24, 2026, and new positions created from April 27, 2026. The specific securities are listed in the attached Annexure I.

Key Points

  • Securities meeting ST-ASM Stage I criteria will attract a margin rate of 50% or the existing margin (whichever is higher), capped at a maximum of 100%.
  • Securities meeting ST-ASM Stage II criteria will attract a margin rate of 100% or the existing margin (whichever is higher), capped at 100%.
  • The ASM framework operates in conjunction with all other prevailing surveillance measures imposed by the exchanges.
  • Inclusion under ASM is purely a surveillance action and should not be construed as an adverse action against the concerned company or entity.
  • Upon exit from the framework, the price band of the scrip will be reinstated to the level applicable before its inclusion, provided it is not under any other surveillance measure.

Regulatory Changes

This notice is issued further to the following prior exchange notices establishing and revising the ASM framework:

  • Notice No. 20240920-71 dated September 20, 2024
  • Notice No. 20181027-1 dated October 27, 2018
  • Notice No. 20190719-33 dated July 19, 2019
  • Notice No. 20201204-56 dated December 4, 2020
  • Notice No. 20230925-49 dated September 25, 2023
  • Notice No. 20240920-63 dated September 20, 2024

No new regulatory framework is introduced; this notice applies the existing ST-ASM framework to newly shortlisted securities.

Compliance Requirements

  • Trading members must ensure that the applicable margin rates (50% for Stage I; 100% for Stage II) are collected on all open positions in the shortlisted securities as of April 24, 2026.
  • New positions created from April 27, 2026 in these securities must also comply with the enhanced margin requirements.
  • Members should refer to the attached Annexure I for the complete list of affected securities.
  • For clarifications, members may contact BSE Surveillance at bse.surv@bseindia.com.

Important Dates

  • April 23, 2026: Notice date; securities shortlisted under ST-ASM.
  • April 24, 2026: Reference date for open positions subject to the new margin requirements.
  • April 27, 2026: Effective date for applicability of enhanced margin rates for both Stage I and Stage II securities.

Impact Assessment

The inclusion of securities under ST-ASM Stage I and Stage II significantly increases the cost of trading and holding positions in the affected scrips. Stage II securities face a 100% margin requirement, effectively requiring traders to fully fund their positions. This measure is likely to reduce speculative activity and liquidity in the shortlisted securities. Market participants with existing open positions as of April 24, 2026 must ensure sufficient margin is available before April 27, 2026 to avoid margin shortfall penalties. The framework is part of BSE’s broader surveillance mechanism aimed at curbing excessive volatility or manipulation in specific securities.

Impact Justification

Directly imposes enhanced margin requirements (50%-100%) on affected securities effective April 27, 2026, significantly impacting trading costs and positions for market participants holding or trading shortlisted stocks.