Description

BSE announces securities newly included under ST-ASM Stage I and Stage II with enhanced margin requirements of 50% and 100% respectively, effective April 28, 2026.

Summary

BSE has notified the applicability of the Short Term Additional Surveillance Measure (ST-ASM) for securities satisfying criteria under Stage I and Stage II. Securities under ST-ASM Stage I will face a minimum 50% margin requirement, while those under Stage II will face a minimum 100% margin requirement, both effective April 28, 2026. The full list of affected securities is provided in Annexure I attached to the notice.

Key Points

  • Securities meeting ST-ASM Stage I criteria will attract a margin rate of 50% or existing margin, whichever is higher, capped at 100%
  • Securities meeting ST-ASM Stage II criteria will attract a margin rate of 100% or existing margin, whichever is higher, capped at 100%
  • Enhanced margins apply to all open positions as of April 27, 2026 and all new positions from April 28, 2026
  • ST-ASM operates in conjunction with all other prevailing surveillance measures
  • Shortlisting under ASM is purely for market surveillance and should not be construed as adverse action against the company
  • Price band of scrips exiting the framework will be reinstated to pre-ASM levels, subject to no other surveillance framework being applicable

Regulatory Changes

This notice is issued in continuation of earlier ASM framework notices: 20240920-71 (Sep 20, 2024), 20181027-1 (Oct 27, 2018), 20190719-33 (Jul 19, 2019), 20201204-56 (Dec 4, 2020), 20230925-49 (Sep 25, 2023), and 20240920-63 (Sep 20, 2024). No new framework changes are introduced; this is a periodic update applying existing ST-ASM criteria to newly qualifying securities.

Compliance Requirements

  • Trading Members: Must ensure compliance with enhanced margin collection for affected securities listed in Annexure I
  • Stage I securities: Collect minimum 50% margin (or existing margin if higher), maximum capped at 100%
  • Stage II securities: Collect minimum 100% margin (or existing margin if higher)
  • Members with queries may contact BSE Surveillance at bse.surv@bseindia.com

Important Dates

  • April 24, 2026: Notice date and publication of Annexure I
  • April 27, 2026: Reference date for all open positions subject to new margin rules
  • April 28, 2026: Effective date for enhanced margin requirements on both open and new positions

Impact Assessment

Traders and investors holding positions in securities listed under ST-ASM Stage I or Stage II will face significantly higher margin obligations from April 28, 2026. Stage II inclusion (100% margin) effectively requires full cash cover for positions, substantially reducing leverage and likely leading to position liquidations or reduced participation. Market liquidity for affected scrips may decline. The measure is targeted at securities exhibiting unusual price movements or volatility as part of BSE’s ongoing surveillance framework.

Impact Justification

Mandatory margin hikes of 50-100% on affected securities effective April 28, 2026 directly impact trader positions and liquidity; securities listed in Annexure I face immediate trading restrictions.