Description

BSE notifies inclusion of securities under ST-ASM Stage I (50% margin) and Stage II (100% margin), effective April 29, 2026 on open and new positions.

Summary

BSE has notified the applicability of Short-Term Additional Surveillance Measure (ST-ASM) for securities satisfying inclusion criteria under Stage I and Stage II. Effective April 29, 2026, enhanced margin requirements will apply to all open positions as of April 28, 2026, and all new positions created from April 29, 2026. The specific securities are listed in the attached Annexure I.

Key Points

  • Securities under ST-ASM Stage I will attract a margin rate of 50% or existing margin, whichever is higher, capped at 100%
  • Securities under ST-ASM Stage II will attract a margin rate of 100% or existing margin, whichever is higher, capped at 100%
  • Enhanced margins apply to open positions as on April 28, 2026 and all new positions from April 29, 2026
  • The ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting under ASM is purely for market surveillance purposes and should not be construed as adverse action against the company
  • Upon exit from the framework, the price band applicable before ASM inclusion will be reinstated (unless under another surveillance measure)

Regulatory Changes

This notice is issued further to Exchange notices:

  • 20240920-71 dated September 20, 2024
  • 20181027-1 dated October 27, 2018
  • 20190719-33 dated July 19, 2019
  • 20201204-56 dated December 4, 2020
  • 20230925-49 dated September 25, 2023
  • 20240920-63 dated September 20, 2024

All references relate to revisions of the ASM framework under which this notice operates.

Compliance Requirements

  • Members (brokers/trading members) must ensure enhanced margin collection from clients holding positions in ST-ASM Stage I and Stage II securities
  • Stage I securities: Collect minimum 50% margin or existing applicable margin, whichever is higher (max 100%)
  • Stage II securities: Collect minimum 100% margin or existing applicable margin, whichever is higher (max 100%)
  • Applicable to both existing open positions (as on April 28, 2026) and new positions from April 29, 2026
  • For clarifications, members may contact bse.surv@bseindia.com

Important Dates

  • April 27, 2026: Notice date and publication of ST-ASM inclusion list
  • April 28, 2026: Reference date for existing open positions subject to enhanced margins
  • April 29, 2026: Effective date for enhanced margin requirements on open and new positions

Impact Assessment

This circular has a high market impact for traders and investors holding positions in the affected securities. The mandatory margin increase to 50% (Stage I) or 100% (Stage II) significantly raises the cost of holding or creating positions, potentially triggering margin calls for existing position holders. This may lead to forced liquidations or reduced trading activity in the affected scrips. The measures are designed to curb excessive speculation or abnormal price movements in the shortlisted securities. Price band restrictions upon exit are conditional and may continue if the scrip remains under any other surveillance framework.

Impact Justification

Imposes significantly elevated margin requirements (50%-100%) on affected securities effective immediately, directly impacting trading costs and open positions for market participants.