Description

BSE imposes Long Term Additional Surveillance Measures (LT-ASM) on select securities effective May 15-19, 2026, including 100% margins on open and new positions and lower price bands.

Summary

BSE has announced the applicability of Long Term Additional Surveillance Measures (LT-ASM) on select securities effective May 15–19, 2026. The framework imposes 100% margins on open positions as of May 18, 2026 and on new positions from May 19, 2026. Additionally, securities moving to higher LT-ASM stages and those exiting the framework are listed in the respective annexures.

Key Points

  • 100% margins applicable from May 19, 2026 on all open positions as on May 18, 2026 and new positions created from May 19, 2026 onwards (Annexure I, Part A)
  • Securities moving to higher LT-ASM stages effective May 15, 2026 are listed in Annexure I (Part B)
  • Lower Price Band applicable from May 15, 2026 for affected securities
  • Securities in LT-ASM to be transferred to T / XT / MT / TS Group effective May 19, 2026 (Annexure I, Part D)
  • Securities moving out of the LT-ASM Framework from May 15, 2026 are listed in Annexure II
  • Consolidated list of all securities currently 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 is issued under the revised LT-ASM framework established through Exchange notices dated March 21, 2018, October 27, 2018, December 04, 2020, August 09, 2024, and September 20, 2024. The framework is further supplemented by Exchange notice dated June 04, 2021. The current circular updates the list of securities subject to LT-ASM and enforces the 100% margin and lower price band provisions of the framework.

Compliance Requirements

  • Market participants must ensure 100% margins are maintained on all open positions in LT-ASM securities as on May 18, 2026
  • New positions in LT-ASM securities from May 19, 2026 require 100% margins
  • Members should note securities being transferred to T / XT / MT / TS groups effective May 19, 2026
  • The LT-ASM framework operates in conjunction with all other prevailing surveillance measures imposed by exchanges
  • For clarifications, members may contact BSE at bse.surv@bseindia.com

Important Dates

  • May 15, 2026: Lower Price Band applicable; securities move to higher LT-ASM stages (Annexure I Part B); securities exit LT-ASM framework (Annexure II)
  • May 18, 2026: Reference date for open positions subject to 100% margin
  • May 19, 2026: 100% margins effective on all open and new positions; securities transferred to T / XT / MT / TS Group

Impact Assessment

The 100% margin requirement significantly increases the cost of holding or creating positions in the affected securities, effectively restricting leveraged trading. The lower price band limits downside trading activity. Securities moved to T / XT / MT / TS groups face additional trading restrictions. These measures are intended to protect investors by curbing excessive speculation in securities that exhibit unusual price or volume behavior. The shortlisting should not be interpreted as regulatory action against the companies themselves but is a preventive surveillance mechanism.

Impact Justification

100% margin requirement on all open and new positions is a significant trading restriction affecting multiple securities; lower price bands add further constraint on market participants.