Description

BSE imposes Long Term Additional Surveillance Measures (LT-ASM) on select securities effective April 28-30, 2026, including 100% margins on open and new positions and lower price bands.

Summary

BSE has issued this notice under the Long Term Additional Surveillance Measure (LT-ASM) framework, referencing the original framework notice from March 21, 2018 and subsequent revisions through September 2024. Securities listed in the attached annexures will face enhanced surveillance measures including 100% margin requirements and lower price bands, effective April 28–30, 2026.

Key Points

  • 100% margins will be applicable from April 30, 2026 on all open positions as on April 29, 2026 and on all new positions created from April 30, 2026 onwards (Annexure I, Part A)
  • Lower Price Band will be applicable from April 28, 2026 for securities moved to higher stages of the LT-ASM framework (Annexure I, Part B)
  • Certain securities will continue in the LT-ASM framework but will be transferred to T / XT / MT / TS Group effective April 30, 2026 (Annexure I, Part D)
  • Securities moving out of the LT-ASM framework effective April 28, 2026 are listed in Annexure II
  • A consolidated list of all securities under the framework is provided in Annexure III
  • Shortlisting is based on XBRL submissions by listed companies and is purely for market surveillance purposes
  • LT-ASM measures operate in conjunction with all other prevailing surveillance measures

Regulatory Changes

The LT-ASM framework has been revised through multiple notices (most recently August 9, 2024 and September 20, 2024). Under the current revision:

  • Securities progressing to higher LT-ASM stages face stricter margin and price band requirements
  • Securities exiting the framework have their price bands reinstated to pre-shortlisting levels, unless subject to another surveillance measure

Compliance Requirements

  • Brokers/Members: Must ensure 100% margins are collected on affected securities for all open positions as of April 29, 2026 and new positions from April 30, 2026
  • Market Participants: Must account for lower price bands on affected securities from April 28, 2026
  • Clarifications: Members may contact BSE at bse.surv@bseindia.com for any queries

Important Dates

  • April 28, 2026: Lower Price Band applicable for securities moving to higher LT-ASM stages; securities moving out of the framework effective this date
  • April 29, 2026: Reference date for all open positions subject to 100% margin
  • April 30, 2026: 100% margins effective for open positions (as of April 29) and all new positions; transfer of certain securities to T / XT / MT / TS Group

Impact Assessment

This circular has a high market impact as it significantly increases the cost of holding and trading affected securities by mandating 100% margins. This effectively restricts leveraged positions in these scrips, reducing liquidity and potentially increasing price volatility. The transfer of certain securities to the T/XT/MT/TS group further restricts trading by requiring trade-for-trade settlement. Market participants with existing positions in affected securities must arrange additional capital by April 29, 2026 to meet the enhanced margin requirement.

Impact Justification

Imposes 100% margin requirements and price band restrictions on multiple securities, directly affecting trading costs and position limits for market participants.