Description

BSE notifies inclusion of securities under ST-ASM Stage I and Stage II with enhanced margin requirements of 50% and 100% respectively, effective May 07, 2026.

Summary

BSE has issued Notice No. 20260505-39 notifying the inclusion of securities under the Short-Term Additional Surveillance Measure (ST-ASM) framework. Securities satisfying the criteria have been placed under either ST-ASM Stage I (50% margin) or ST-ASM Stage II (100% margin), effective May 07, 2026. The list of affected securities is provided in the attached Annexure I.

Key Points

  • Securities included under ST-ASM Stage I will attract a margin of 50% or existing margin, whichever is higher (capped at 100%).
  • Securities included under ST-ASM Stage II will attract a margin of 100% or existing margin, whichever is higher (capped at 100%).
  • Enhanced margins apply to all open positions as on May 06, 2026 and all new positions created from May 07, 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 an adverse action against the concerned company or entity.
  • Upon exit from the framework, the price band of the scrip will be reinstated to the level applicable before shortlisting, provided the scrip is not under any other surveillance measure.

Regulatory Changes

This notice is issued in continuation of prior ASM framework revisions referenced in Exchange notices: 20240920-71 (Sep 20, 2024), 20181027-1 (Oct 27, 2018), 20190719-33 (Jul 19, 2019), 20201204-56 (Dec 4, 2020), 20230925-49 (Sep 25, 2023), and 20240920-63 (Sep 20, 2024). No new framework changes are introduced; this is an application of the existing ST-ASM criteria to newly qualifying securities.

Compliance Requirements

  • Trading members must ensure applicable margin rates (50% for Stage I, 100% for Stage II) are collected on all open and new positions in shortlisted securities from May 07, 2026.
  • Members may refer to Annexure I (attached to the notice PDF) for the complete list of securities under each stage.
  • For clarifications, members may contact BSE Surveillance at bse.surv@bseindia.com.

Important Dates

  • Notice Date: May 05, 2026
  • Reference Date for Open Positions: May 06, 2026 (end of day)
  • Effective Date for Enhanced Margins: May 07, 2026

Impact Assessment

The enhanced margin requirements under ST-ASM Stage I and Stage II significantly increase the cost of holding or creating positions in the shortlisted securities. Stage II securities face the maximum 100% margin, effectively requiring traders to have full capital coverage for positions. This is likely to reduce liquidity and trading volumes in affected scrips. The measure is a regulatory tool to curb excessive speculation or unusual price/volume activity and does not reflect on the fundamental standing of the companies involved.

Impact Justification

Imposes significant margin hikes (50%-100%) on shortlisted securities effective May 07, 2026, directly affecting trading costs and position-taking for affected scrips.