Description

BSE imposes 100% margins under LT-ASM framework effective May 14, 2026, with securities moved to higher stages and some exiting the framework effective May 12, 2026.

Summary

BSE has issued an update to the Long Term Additional Surveillance Measure (LT-ASM) framework, effective May 12–14, 2026. Securities listed in Annexure I (Part A) will attract 100% margins from May 14, 2026 on all open and new positions. Securities in Annexure I (Part B) are moved to higher LT-ASM stages, while those in Annexure II are exiting the framework. Securities in Annexure I (Part D) will be transferred to T/XT/MT/TS Group effective May 14, 2026.

Key Points

  • 100% margins applicable from May 14, 2026 on all open positions as on May 13, 2026 and all new positions thereafter
  • Securities in Annexure I (Part B) are moved to higher LT-ASM stages effective May 12, 2026
  • Lower Price Band applicable effective May 12, 2026 for newly staged securities
  • Securities in Annexure I (Part D) to be transferred to T/XT/MT/TS Group effective May 14, 2026
  • Securities exiting LT-ASM framework listed in Annexure II, effective May 12, 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

Regulatory Changes

This notice updates the LT-ASM framework originally established via Exchange notice no. 20180321-46 (March 21, 2018), and revised through subsequent notices including 20181027-1, 20201204-56, 20240809-46, and 20240920-63. The current update reflects the latest periodic review of securities under the revised LT-ASM framework.

Compliance Requirements

  • Market participants must ensure 100% margins are maintained for securities in Annexure I (Part A) from May 14, 2026
  • Members must adhere to the Lower Price Band restrictions for securities moved to higher LT-ASM stages from May 12, 2026
  • Brokers and trading members must update systems to reflect T/XT/MT/TS group transfers for securities in Annexure I (Part D) effective May 14, 2026
  • For clarifications, members may contact bse.surv@bseindia.com

Important Dates

  • May 12, 2026: Securities moved to higher LT-ASM stages (Annexure I Part B) and Lower Price Band applicable; securities exit LT-ASM framework (Annexure II)
  • May 13, 2026: Last date for open positions before 100% margin requirement kicks in
  • May 14, 2026: 100% margins applicable on all open positions as on May 13, 2026 and all new positions; securities in Annexure I (Part D) transferred to T/XT/MT/TS Group

Impact Assessment

The imposition of 100% margins significantly increases the cost of holding or taking new positions in affected securities, likely reducing liquidity and trading volumes. Securities moved to higher LT-ASM stages face additional restrictions, including lower price bands, which limit upside price movement. Securities exiting the framework will have their prior price bands reinstated, subject to no other surveillance measure applying. This is a routine surveillance action and does not constitute an adverse regulatory finding against the concerned companies.

Impact Justification

Imposes 100% margin requirements on affected securities and modifies price bands, directly impacting trading costs and liquidity for all listed securities under LT-ASM framework.