Description

BSE notifies securities moving into ST-ASM Stage I and Stage II with enhanced margin requirements of 50% and 100% respectively, effective April 30, 2026.

Summary

BSE has issued Notice No. 20260428-44 identifying securities that qualify for inclusion under Short-Term Additional Surveillance Measure (ST-ASM) Stage I and Stage II. Enhanced margin requirements will be applicable from April 30, 2026, covering both existing open positions as of April 29, 2026 and new positions created from April 30, 2026. The list of affected securities is provided in Annexure I attached to the notice.

Key Points

  • Securities satisfying ST-ASM Stage I criteria will attract a margin rate of 50% or existing margin, whichever is higher (capped at 100%)
  • Securities satisfying ST-ASM Stage II criteria will attract a margin rate of 100% or existing margin, whichever is higher (capped at 100%)
  • Both stages are effective April 30, 2026 on all open positions as on April 29, 2026 and new positions from April 30, 2026
  • 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 concerned company
  • Price bands of scrips moving out of the framework will be reinstated to pre-ASM levels, subject to no other surveillance measure being applicable

Regulatory Changes

This notice is issued further to earlier Exchange notices establishing and revising the ASM framework:

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

Compliance Requirements

  • Trading members must ensure applicable margins are collected for securities in the ST-ASM list
  • ST-ASM Stage I: Minimum 50% margin (or existing margin if higher), up to a cap of 100%
  • ST-ASM Stage II: Minimum 100% margin (or existing margin if higher), up to a cap of 100%
  • Members should refer to Annexure I (Annexure_STASM) for the complete list of affected securities
  • For clarifications, members may write to bse.surv@bseindia.com

Important Dates

  • April 28, 2026: Notice date
  • April 29, 2026: Reference date for existing open positions subject to enhanced margins
  • April 30, 2026: Effective date for enhanced margin requirements under ST-ASM Stage I and Stage II

Impact Assessment

Securities placed under ST-ASM face significantly higher margin requirements, increasing the cost of holding or creating positions. Stage I securities require at least 50% margin, while Stage II securities require the maximum 100% margin. This can lead to forced liquidations or reduced position sizes for traders unable to meet the enhanced margin calls. The measure is a surveillance tool aimed at curbing excessive speculation or abnormal price movements in the affected scrips. Market participants holding positions in shortlisted securities as of April 29, 2026 must ensure adequate margins are available before April 30, 2026 to avoid margin shortfall penalties.

Impact Justification

Imposes mandatory margin hikes (50%-100%) on affected securities effective April 30, 2026, directly impacting trading costs and open positions for market participants holding shortlisted scrips.