Description

BSE imposes 100% margins under LT-ASM framework effective April 28, 2026, with securities moving to higher stages and some exiting the framework effective April 24, 2026.

Summary

BSE has issued a notice under the Long Term Additional Surveillance Measure (LT-ASM) framework, imposing 100% margins on certain securities effective April 28, 2026. Additionally, securities are being moved to higher LT-ASM stages and some are exiting the framework effective April 24, 2026. The notice references the revised LT-ASM framework as updated through various notices including the most recent revision dated September 20, 2024.

Key Points

  • 100% margins will be applicable from April 28, 2026, on all open positions as on April 27, 2026, and all new positions created from April 28, 2026 onwards
  • Lower Price Band shall be applicable w.e.f. April 24, 2026 for securities moved to higher LT-ASM stages
  • Securities listed in Annexure I (Part B) are moving to their respective higher stages of the LT-ASM framework effective April 24, 2026
  • Securities in Annexure I (Part D) will continue in LT-ASM but will be transferred to T / XT / MT / TS Group w.e.f. April 28, 2026
  • Securities listed in Annexure II are moving out of the LT-ASM framework effective April 24, 2026
  • A consolidated list of all securities under the framework is provided in Annexure III
  • Shortlisting is purely for market surveillance and should not be construed as adverse action against any company

Regulatory Changes

The LT-ASM framework continues to evolve under the revised structure introduced via Exchange notice no. 20180321-46 (March 21, 2018) and subsequently revised through notices dated October 27, 2018, December 04, 2020, August 09, 2024, and September 20, 2024. Securities moving out of the framework will have their price bands reinstated to pre-shortlisting levels, unless they remain under another surveillance measure.

Compliance Requirements

  • Market participants must ensure 100% margin compliance on all affected open positions by April 27, 2026 (effective April 28, 2026)
  • Members must adhere to the Lower Price Band applicable from April 24, 2026 for securities moving to higher LT-ASM stages
  • Trading in securities transferred to T / XT / MT / TS Group must comply with applicable group rules from April 28, 2026
  • Members may contact BSE Surveillance at bse.surv@bseindia.com for clarifications
  • Note: Shortlisting of securities is based on XBRL submissions by respective listed companies

Important Dates

  • April 23, 2026: Notice date
  • April 24, 2026: Effective date for securities moving to higher LT-ASM stages (Lower Price Band applicable) and securities exiting the LT-ASM framework (Annexure II)
  • April 27, 2026: Last date for open positions before 100% margin applicability
  • April 28, 2026: 100% margins effective on all open positions (as on April 27, 2026) and new positions; securities in Annexure I (Part D) transferred to T / XT / MT / TS Group

Impact Assessment

The imposition of 100% margins significantly increases the cost of trading in affected securities, reducing leverage and potentially impacting liquidity. Securities moved to higher LT-ASM stages face additional price band restrictions (Lower Price Band), limiting downside trading flexibility. The transfer of certain securities to T / XT / MT / TS groups changes their trading settlement category, which may further affect investor participation. Securities exiting the framework will see restoration of their pre-surveillance price bands (subject to not being under other surveillance measures), potentially improving their trading conditions. Market participants holding positions in affected securities should review their margin requirements ahead of the April 28, 2026 deadline.

Impact Justification

Imposes 100% margin requirements on all open and new positions, restricts price bands, and moves securities across LT-ASM stages, directly affecting trading costs and liquidity for affected securities.