Description

BSE imposes Long Term Additional Surveillance Measures (LT-ASM) on select securities effective May 13-15, 2026, including 100% margins, lower price bands, and group transfers under the revised LT-ASM framework.

Summary

BSE has announced the applicability of Long Term Additional Surveillance Measures (LT-ASM) on select securities under the revised LT-ASM framework. The measures include imposition of 100% margins effective May 15, 2026, lower price bands from May 13, 2026, group transfers, and movement of securities to higher LT-ASM stages. A consolidated list of all securities under the framework is provided in Annexure III.

Key Points

  • 100% margins applicable from May 15, 2026 on all open positions as on May 14, 2026 and new positions created from May 15, 2026 onwards (Annexure I, Part A)
  • Securities moving to higher LT-ASM stages effective May 13, 2026 (Annexure I, Part B)
  • Lower Price Band applicable from May 13, 2026 for securities in higher stages
  • Securities to be transferred to T / XT / MT / TS Group effective May 15, 2026 while continuing in LT-ASM framework (Annexure I, Part D)
  • Securities moving out of LT-ASM Framework effective May 13, 2026 listed in Annexure II
  • Shortlisting is based on XBRL submissions by listed companies and is purely a surveillance action
  • LT-ASM framework operates in conjunction with all other prevailing surveillance measures

Regulatory Changes

This notice references the revised LT-ASM framework established through multiple prior notices:

  • Exchange notice no. 20180321-46 dated March 21, 2018 (original framework)
  • Exchange notice no. 20181027-1 dated October 27, 2018
  • Exchange notice no. 20201204-56 dated December 04, 2020
  • Exchange notice no. 20210604-41 dated June 04, 2021
  • Exchange notice no. 20240809-46 dated August 09, 2024
  • Exchange notice no. 20240920-63 dated September 20, 2024 (latest revision)

Securities exiting the framework will have their original price band reinstated, unless subject to another surveillance measure.

Compliance Requirements

  • Market participants must maintain 100% margins on open positions in affected securities from May 15, 2026
  • Members must note updated group classifications (T / XT / MT / TS) for securities transferred under Annexure I, Part D
  • Brokers and trading members should review the attached annexures to identify affected securities and adjust margin requirements accordingly
  • For clarifications, members may contact BSE at bse.surv@bseindia.com

Important Dates

  • May 13, 2026: Lower Price Band applicable; securities moving to higher LT-ASM stages; securities moving out of LT-ASM framework (Annexure II)
  • May 14, 2026: Reference date for open positions subject to 100% margin
  • May 15, 2026: 100% margins effective on all open and new positions; group transfers (T / XT / MT / TS) effective

Impact Assessment

The imposition of 100% margins significantly increases the cost of trading in affected securities, reducing leverage and liquidity. Securities moved to higher LT-ASM stages face stricter price band restrictions (lower price band), limiting downside trading. Group reclassification to T / XT / MT / TS groups may further restrict settlement cycles and trading access for retail participants. The shortlisting is purely surveillance-driven and does not constitute a regulatory finding against the company. Market participants with positions in affected scrips must ensure adequate margin availability before May 15, 2026 to avoid forced liquidation.

Impact Justification

Imposes 100% margin requirements and lower price bands on multiple securities, directly affecting trading costs and liquidity for affected scrips starting May 13-15, 2026.