Description

BSE imposes Long Term Additional Surveillance Measures (LT-ASM) on select securities effective April 29 and May 4, 2026, including 100% margins, lower price bands, and group transfers under the revised LT-ASM framework.

Summary

BSE has issued this notice under the revised Long Term Additional Surveillance Measure (LT-ASM) framework (originally introduced via notice 20180321-46 and subsequently revised). Securities listed in Annexure I (Part A) will attract 100% margins effective May 4, 2026, applicable on all open positions as of April 30, 2026 and new positions thereafter. A Lower Price Band will apply from April 29, 2026 for securities moved to higher LT-ASM stages (Annexure I, Part B). Additionally, certain securities will continue in LT-ASM but be transferred to T/XT/MT/TS Group effective May 4, 2026 (Annexure I, Part D), while securities in Annexure II will move out of the LT-ASM framework from April 29, 2026.

Key Points

  • 100% margins applicable from May 4, 2026 on open positions as of April 30, 2026 and all new positions under LT-ASM (Annexure I, Part A)
  • Lower Price Band effective April 29, 2026 for securities moving to higher LT-ASM stages (Annexure I, Part B)
  • Certain securities to be transferred to T/XT/MT/TS Group effective May 4, 2026 while remaining in LT-ASM (Annexure I, Part D)
  • Securities listed in Annexure II exit the LT-ASM framework effective April 29, 2026
  • Consolidated list of all securities under the framework provided in Annexure III
  • Shortlisting is based on XBRL submissions by listed companies and is purely a surveillance action
  • LT-ASM framework operates alongside all other prevailing surveillance measures

Regulatory Changes

The notice references the revised LT-ASM framework per notices 20240809-46 (August 9, 2024) and 20240920-63 (September 20, 2024). Securities exiting the framework will have their prior price bands reinstated, unless subject to another surveillance measure, in which case the relevant surveillance framework’s price band prevails.

Compliance Requirements

  • Market participants must ensure 100% margins are maintained on affected securities from May 4, 2026
  • Members should monitor Annexure I (Parts A, B, D) and Annexure II for the specific list of affected securities
  • Trading in affected securities must comply with applicable group transfer rules (T/XT/MT/TS) from May 4, 2026
  • For clarifications, members may contact bse.surv@bseindia.com

Important Dates

  • April 29, 2026: Lower Price Band effective for securities moving to higher LT-ASM stages; securities in Annexure II exit LT-ASM framework
  • April 30, 2026: Reference date for open positions subject to 100% margin
  • May 4, 2026: 100% margins effective on open positions (as of April 30, 2026) and new positions; group transfers to T/XT/MT/TS take effect

Impact Assessment

This notice significantly impacts traders and investors holding or intending to trade in the affected securities. The 100% margin requirement substantially increases the capital requirement for maintaining or initiating positions, likely reducing liquidity and increasing volatility in affected scrips. The lower price band restricts downside trading flexibility. Group transfers to T/XT/MT/TS impose additional trading restrictions. The framework is intended as a surveillance tool and does not reflect adversely on the companies themselves, as shortlisting is based on objective XBRL data analysis.

Impact Justification

Imposes 100% margins and lower price bands on multiple securities, with group transfers, directly affecting trading conditions and liquidity for affected stocks.