Description

BSE notifies inclusion of securities under ST-ASM Stage I and Stage II effective May 13, 2026, with applicable margin rates of 50% and 100% respectively on open and new positions.

Summary

BSE has notified the inclusion of certain securities under the Short Term Additional Surveillance Measure (ST-ASM) framework under Stage I and Stage II. Securities under Stage I will attract a minimum margin of 50% (capped at 100%), while those under Stage II will attract a minimum margin of 100%. These measures are effective May 13, 2026, applying to all open positions as on May 12, 2026, and new positions created from May 13, 2026.

Key Points

  • Securities listed in Annexure I have been shortlisted under both ST-ASM Stage I and ST-ASM Stage II based on defined criteria.
  • ST-ASM Stage I: Applicable margin rate is 50% or existing margin, whichever is higher, subject to a maximum cap of 100%.
  • ST-ASM Stage II: Applicable margin rate is 100% or existing margin, whichever is higher, subject to a maximum cap of 100%.
  • The ASM framework operates in conjunction with all other prevailing surveillance measures.
  • Shortlisting under ASM is purely a surveillance action 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 its pre-ASM level, unless the scrip remains under another surveillance measure.

Regulatory Changes

This notice is issued further to prior exchange notices including 20240920-71 (September 20, 2024), 20181027-1 (October 27, 2018), 20190719-33 (July 19, 2019), 20201204-56 (December 4, 2020), 20230925-49 (September 25, 2023), and 20240920-63 (September 20, 2024), all pertaining to revisions of the ASM framework. The current notice applies the revised framework to newly shortlisted securities.

Compliance Requirements

  • Trading members must ensure that margin requirements of at least 50% (Stage I) or 100% (Stage II) are collected on all open positions in shortlisted securities as on May 12, 2026, and on any new positions from May 13, 2026.
  • Members must refer to the attached Annexure I for the complete list of shortlisted securities.
  • For clarifications, members may contact BSE Surveillance at bse.surv@bseindia.com.

Important Dates

  • May 11, 2026: Notice date and publication of shortlisted securities.
  • May 12, 2026: Reference date for open positions subject to enhanced margins.
  • May 13, 2026: Effective date for applicability of ST-ASM Stage I and Stage II margin requirements.

Impact Assessment

Traders and investors holding positions in shortlisted securities will face significantly higher margin obligations from May 13, 2026. Stage II securities will require full (100%) margin, potentially forcing position reductions for participants unable to meet the enhanced requirements. This could lead to increased volatility and reduced liquidity in affected scrips. The measure is intended to curb speculative activity and protect market integrity. Participants should review the Annexure I list and assess their exposure to shortlisted securities ahead of the effective date.

Impact Justification

Directly imposes mandatory margin increases (50%-100%) on affected securities effective May 13, 2026, significantly impacting trading costs and positions for market participants holding or trading shortlisted scrips.