Description

BSE imposes Long Term Additional Surveillance Measures (LT-ASM) on select securities effective May 06-08, 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 dated March 21, 2018 and subsequent revisions. The notice covers new securities being placed under LT-ASM, securities moving to higher stages within the framework, securities being transferred out to regular trading groups, and the updated consolidated list of all securities under the framework.

Key Points

  • 100% margins will be applicable from May 08, 2026 on all open positions as on May 07, 2026 and all new positions created from May 08, 2026 onwards
  • Lower Price Band will be applicable with effect from May 06, 2026 for securities placed under the framework
  • Securities moving to higher stages of the LT-ASM framework are listed in Annexure I (Part B), effective May 06, 2026
  • Certain securities will continue in LT-ASM but will be transferred to T / XT / MT / TS Group with effect from May 08, 2026 (Annexure I, Part D)
  • Securities moving out of LT-ASM framework effective May 06, 2026 are listed in Annexure II
  • Consolidated list of all securities under the framework is provided in Annexure III
  • Shortlisting is based on XBRL submissions by the respective listed companies

Regulatory Changes

The LT-ASM framework applied here is based on the revised framework as per Exchange notices:

  • 20180321-46 (March 21, 2018) — original LT-ASM framework
  • 20181027-1 (October 27, 2018) — revision
  • 20201204-56 (December 04, 2020) — revision
  • 20240809-46 (August 09, 2024) — revision
  • 20240920-63 (September 20, 2024) — revision
  • 20210604-41 (June 04, 2021) — transfer to T/XT/MT/TS group provisions

The LT-ASM framework operates in conjunction with all other prevailing surveillance measures imposed by the exchanges.

Compliance Requirements

  • Market participants must maintain 100% margins on open positions held as of May 07, 2026 in LT-ASM securities, effective May 08, 2026
  • Members must ensure compliance with the lower price band restrictions effective May 06, 2026
  • Trading in securities moved to T / XT / MT / TS groups must follow the applicable rules for those groups from May 08, 2026
  • For any clarifications, members may contact BSE Surveillance at bse.surv@bseindia.com
  • The shortlisting should not be construed as adverse action against the listed company

Important Dates

  • May 06, 2026: Lower Price Band applicable for newly added securities; securities move to higher LT-ASM stages; securities exit LT-ASM framework (Annexure II)
  • May 07, 2026: Reference date for open positions subject to 100% margin
  • May 08, 2026: 100% margins effective on all open positions (as of May 07) and new positions; securities transferred to T / XT / MT / TS Group

Impact Assessment

This circular has a high impact on traders and investors holding positions in the affected securities. The imposition of 100% margins significantly increases the capital requirement for maintaining or creating positions in LT-ASM securities, which may lead to forced liquidations or reduced participation. Lower price bands limit downside price movement, potentially creating liquidity constraints. Securities moved to T/XT/MT/TS groups face additional trading restrictions. The periodic review mechanism means securities may move between stages or exit the framework over time. The framework is purely a market surveillance tool and does not reflect on the fundamental quality of the listed companies.

Impact Justification

Imposes 100% margin requirements and lower price bands on multiple securities, significantly restricting trading conditions and affecting market participants holding positions in LT-ASM listed scrips.