BSE has updated the Long Term Additional Surveillance Measure (LT-ASM) framework, imposing 100% margin requirements on select securities effective April 13, 2026. Additionally, certain securities are being moved to higher LT-ASM stages and others are exiting the framework, both effective April 9, 2026. The notice references the original framework circular from March 21, 2018 and subsequent revisions including the latest updates from August and September 2024.

Key Points

• 100% margins applicable w.e.f. April 13, 2026 on all open positions as on April 10, 2026 and all new positions created thereafter (Annexure I, Part A)
• Securities moved to higher stages of the LT-ASM framework w.e.f. April 9, 2026 (Annexure I, Part B)
• Lower Price Band imposed w.e.f. April 9, 2026 on newly added securities
• Certain securities continue in LT-ASM but are transferred to T/XT/MT/TS Group w.e.f. April 13, 2026 (Annexure I, Part D)
• Securities exiting the LT-ASM framework w.e.f. April 9, 2026 listed in Annexure II
• Consolidated list of all securities under the framework provided in Annexure III
• Shortlisting is purely for market surveillance and should not be construed as adverse action against the concerned company
• Shortlisting of securities is based on XBRL submissions by the respective listed companies

Regulatory Changes

• LT-ASM framework revised per Exchange notices: 20180321-46, 20181027-1, 20201204-56, 20240809-46, and 20240920-63
• New securities added to LT-ASM stages; certain securities graduated to higher stages
• Securities exiting the framework will have their price bands reinstated to pre-LT-ASM levels, unless under another surveillance measure
• Price band of a scrip moving out reverts to the band applicable before shortlisting, subject to no other prevailing surveillance measure

Compliance Requirements

• Market participants must ensure 100% margins are maintained on affected securities from April 13, 2026
• Brokers and members must update their systems to reflect the new group classifications (T/XT/MT/TS) for transferred securities effective April 13, 2026
• Members should review Annexures I, II, and III to identify affected securities and update trading parameters accordingly
• For clarifications, members may write to bse.surv@bseindia.com

Important Dates

• April 9, 2026: Securities moved to higher LT-ASM stages take effect; Lower Price Band imposed; Securities exit LT-ASM framework
• April 10, 2026: Reference date for open positions on which 100% margins will apply from April 13
• April 13, 2026: 100% margin requirement becomes effective; Securities transferred to T/XT/MT/TS Group

Impact Assessment

This notice has a high market impact as 100% margin requirements significantly increase the cost of holding positions in affected securities, effectively reducing liquidity and discouraging speculative trading. Securities moved to higher LT-ASM stages face stricter restrictions including tightened price bands, reducing intraday volatility but also limiting trading flexibility. Retail and institutional participants holding positions in these securities must arrange additional capital by April 13, 2026 or face forced liquidation. Securities exiting the framework may see improved sentiment and eased trading conditions as normal price bands and margin requirements are restored.

BSE has announced the applicability of Short Term Additional Surveillance Measure (ST-ASM) for a set of securities that have satisfied the criteria for inclusion under ST-ASM Stage I and Stage II. Enhanced margin requirements will be effective from April 10, 2026, applicable to all open positions as on April 9, 2026, and new positions created from April 10, 2026.

Key Points

• Securities included under ST-ASM Stage I will attract a margin rate of 50% or existing margin, whichever is higher (capped at 100%)
• Securities included under ST-ASM Stage II will attract a margin rate of 100% or existing margin, whichever is higher (capped at 100%)
• The ASM framework operates in conjunction with all other prevailing surveillance measures
• Shortlisting under ASM is purely for market surveillance purposes and is not an adverse action against the concerned company
• Upon exit from the framework, the price band will be reinstated to the band applicable before shortlisting, subject to no other surveillance measure being in force
• The list of affected securities is provided in Annexure I attached to the notice

Regulatory Changes

This notice is further to earlier Exchange notices: 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) regarding revision of the ASM framework. The current notice applies the existing framework to newly shortlisted securities.

Compliance Requirements

• Trading members must ensure applicable margin rates of 50% (Stage I) or 100% (Stage II) are collected on all open positions in shortlisted securities as of April 9, 2026
• New positions in shortlisted securities from April 10, 2026 must adhere to the enhanced margin requirements
• Members may contact bse.surv@bseindia.com for clarifications

Important Dates

• April 8, 2026: Notice date
• April 9, 2026: Reference date for existing open positions
• April 10, 2026: Effective date for enhanced margin requirements (both Stage I and Stage II)

Impact Assessment

This circular has a high market impact as it significantly increases the cost of holding or creating positions in the shortlisted securities. ST-ASM Stage I increases margin to a minimum of 50% while Stage II mandates 100% margin, effectively requiring full cash coverage for new positions. This restricts leveraged trading in the affected securities and may lead to forced unwinding of existing leveraged positions. The measure is intended to curb excessive speculation and volatility in the identified securities.

BSE’s Surveillance department (DOSS) issued Notice No. 20260408-38 dated 08 April 2026, noting significant price and/or volume movement in 29 scrips. The Exchange had written to these companies to ensure trading members and investors have access to the latest relevant information. Clarifications have been received from 16 companies, while replies remain awaited from the remaining 13.

Key Points

• BSE observed unusual price/volume movement in 29 listed companies and sought clarifications.
• 16 companies have submitted replies, which are attached to the notice.
• 13 companies have not yet responded; their replies are still awaited.
• The notice is issued by the Surveillance department under the Equity segment.
• Signed by Sanjay Jain (Deputy Vice President, Surveillance) and Shreya Ghose (Manager, Surveillance).

Regulatory Changes

No new regulatory changes are introduced. This notice is part of BSE’s ongoing market surveillance process to maintain transparency and informed trading.

Compliance Requirements

• The 13 companies for which replies are awaited are expected to submit their clarifications to BSE promptly.
• Trading members and investors are advised to review the attached replies from the 16 responding companies before trading in these scrips.

Companies that have replied:

1. Bajaj Steel Industries Ltd (507944)
2. Bazel International Ltd (539946)
3. Dhatre Udyog Ltd (540080)
4. Flex Foods Ltd (523672)
5. Hindustan Oil Exploration Company Ltd (500186)
6. Kopran Ltd (524280)
7. Mid East Portfolio Management Ltd (526251)
8. MRC Agrotech Ltd (540809)
9. Rainbow Childrens Medicare Ltd (543524)
10. Royal Sense Ltd (544143)
11. Shelter Infra Projects Ltd (526839)
12. Shree Marutinandan Tubes Ltd (544083)
13. Suven Life Sciences Ltd (530239)
14. United Credit Ltd (531091)
15. VIP Clothing Ltd (532613)
16. Icodex Publishing Solutions Ltd (544483)

Reply awaited from:

1. Dipna Pharmachem Ltd (543594)
2. BGIL Films & Technologies Ltd (511664)
3. ZR2 Bioenergy Ltd (506640)
4. Ashirwad Steels & Industries Ltd (526847)
5. Goel Food Products Ltd (543538)
6. Resourceful Automobile Ltd (544236)
7. Unitech Ltd (507878)
8. Confidence Futuristic Energetech Ltd (539991)
9. Milgrey Finance & Investments Ltd (511018)
10. Manoj Ceramic Ltd (544073)
11. Sanghvi Brands Ltd (540782)
12. Kay Power and Paper Ltd (530255)
13. Ishaan Infrastructures and Shelters Ltd (540134)

Important Dates

• Notice Date: 08 April 2026
• No specific deadline mentioned for outstanding replies.

Impact Assessment

This notice affects 29 stocks across various sectors. The receipt of clarifications from 16 companies may help reduce information asymmetry and speculative activity in those scrips. For the 13 companies yet to respond, continued uncertainty may sustain elevated volatility. Investors and traders should review company-specific replies before taking positions in any of the listed securities. No immediate trading restrictions have been imposed as part of this notice.

BSE has issued Notice No. 20260408-34 informing trading members that certain securities (listed in the attached Annexure) will be moved to higher stages of the Graded Surveillance Measure (GSM) framework effective April 9, 2026. The GSM framework, originally published on February 23, 2017, imposes progressively stricter surveillance actions on securities at each stage.

Key Points

• Securities listed in the attached Annexure will be escalated to higher GSM stages from April 9, 2026
• Four GSM stages apply, each with increasingly restrictive trading conditions
• Settlement for all affected securities will be on a trade-to-trade basis (no netting off allowed)
• Trading members are urged to take adequate precautions while trading in the affected securities
• Queries can be directed to bse.surv@bseindia.com or the GSM FAQ page

Regulatory Changes

This notice references the GSM framework established under the following prior notices:

• Exchange Notice 20170223-44 (February 23, 2017) — original GSM framework
• Exchange Notice 20170303-29 (March 03, 2017)
• Exchange Notice 20180720-55 (July 20, 2018)
• Exchange Notice 20191129-23 (November 29, 2019)
• Exchange Notice 20231117-63 (November 17, 2023)

No new regulatory framework is introduced; this is an application of the existing GSM framework to newly identified securities.

Compliance Requirements

Trading members must comply with the following surveillance actions based on the GSM stage assigned to each security:

• No netting off is permitted; all settlements must be done on a trade-to-trade basis
• Buyers in Stage II–IV securities must deposit the required ASD before trading

Important Dates

• April 9, 2026: Effective date for securities moving into their respective higher GSM stages

Impact Assessment

The escalation of securities to higher GSM stages significantly restricts their tradability and liquidity. Stage III and IV securities are especially impacted, as trading is limited to once per week and buyers must deposit 100% of trade value as ASD. Stage IV securities face an additional prohibition on upward price movement, effectively capping gains. Investors holding these securities may face challenges in exiting positions due to weekly trading windows and high margin requirements. Trading members should review the Annexure carefully and update their systems and client communications accordingly.

BSE (Notice No. 20260408-35) has revised the price bands for over 54 equity scrips to 10%, effective April 9, 2026. This notice from the Department of Surveillance and Supervision (DOSS) applies to trading members and impacts investors holding or trading in the listed scrips.

Key Points

• Price band revised to 10% for all listed scrips in this notice
• Effective date: April 09, 2026
• Covers 54+ scrips spanning diverse sectors including manufacturing, finance, real estate, agri, technology, and logistics
• Issued by BSE Department of Surveillance and Supervision (DOSS)
• No attachments; notice itself contains the full list

Regulatory Changes

The price band for the following scrips has been revised from their existing levels to 10%:

Compliance Requirements

• Trading members must apply the revised 10% price band for all listed scrips from the open of trading on April 9, 2026
• Order management systems and risk frameworks must be updated to reflect the new band limits before market open
• No action required from individual investors directly; brokers and trading members are responsible for compliance

Important Dates

• Notice Date: April 08, 2026
• Effective Date: April 09, 2026 (from market open)

Impact Assessment

The revision of price bands to 10% for these scrips limits intraday price movement, potentially reducing volatility and speculative trading. This is a standard surveillance measure typically applied to scrips exhibiting abnormal price movements or as part of periodic band reviews. Investors in affected scrips should note that their ability to exit positions at wide intraday swings will be constrained. The broad scope (54+ scrips) suggests a systematic review rather than individual stock-specific action. Day traders and short-term investors are most affected; long-term holders face minimal impact.

BSE has notified the applicability of Short Term Additional Surveillance Measure (ST-ASM) for securities that have satisfied criteria for inclusion under ST-ASM Stage I and Stage II. Enhanced margin requirements will apply from April 9, 2026, as part of BSE’s ongoing market surveillance framework.

Key Points

• Securities satisfying ST-ASM Stage I criteria will attract a margin rate of 50% or existing margin, whichever is higher (capped at 100%)
• Securities satisfying ST-ASM Stage II criteria will attract a margin rate of 100% or existing margin, whichever is higher (capped at 100%)
• New margin rates apply to all open positions as on April 8, 2026, and new positions created from April 9, 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 adverse action against the company
• Upon exit from the framework, price band will be reinstated to the pre-ASM level, unless the scrip is under another surveillance measure

Regulatory Changes

This notice is issued further to prior Exchange notices including:

• Notice No. 20240920-71 dated September 20, 2024
• Notice No. 20181027-1 dated October 27, 2018
• Notice No. 20190719-33 dated July 19, 2019
• Notice No. 20201204-56 dated December 4, 2020
• Notice No. 20230925-49 dated September 25, 2023
• Notice No. 20240920-63 dated September 20, 2024

All related to revision of the ASM framework.

Compliance Requirements

• Trading members must ensure applicable margin rates are collected for securities listed under ST-ASM Stage I (minimum 50%) and Stage II (100%) from April 9, 2026
• Members must account for enhanced margins on all open positions as on April 8, 2026
• Members may contact bse.surv@bseindia.com for clarifications
• Specific securities are listed in Annexure I (attached to the original circular)

Important Dates

• April 7, 2026: Circular issuance date
• April 8, 2026: Reference date for open positions subject to new margin rates
• April 9, 2026: Effective date for enhanced margin requirements under ST-ASM Stage I and Stage II

Impact Assessment

This circular has a high market impact as it significantly raises margin requirements for affected securities. ST-ASM Stage II securities face a 100% margin requirement, which can effectively restrict leveraged trading and reduce liquidity in those scrips. Market participants holding positions in shortlisted securities will need to provide additional margin by April 9, 2026, or reduce their positions. The measure is designed to curb excess volatility and speculative activity in securities exhibiting abnormal price/volume behaviour. The specific list of affected securities is available in the attached Annexure I of the original PDF.

BSE’s Surveillance Department (DOSS) issued Notice No. 20260407-20 on 7th April 2026 after observing significant price and/or volume movements in 33 listed scrips. To ensure trading members and investors have access to the latest relevant information, BSE wrote to these companies seeking clarifications. Replies have been received from 18 companies and are attached to the notice; replies from the remaining 15 companies are still awaited.

Key Points

• BSE observed unusual price/volume activity in 33 equity scrips and initiated clarification requests under its surveillance function.
• Replies received from 18 companies: Ruchi Infrastructure Ltd, Bhandari Hosiery Exports Ltd, Sakuma Exports Ltd, Dish TV India Ltd, Ganesha Ecoverse Ltd, Mishtann Foods Ltd, Zydus Wellness Ltd, KCP Ltd, Lux Industries Ltd, Danlaw Technologies India Ltd, Maitri Enterprises Ltd, Silicon Rental Solutions Ltd, Primo Chemicals Ltd, Confidence Petroleum India Ltd, Captain Pipes Ltd, Crane Infrastructure Ltd, Shivagrico Implements Ltd, and Marc Loire Fashions Ltd.
• Replies still awaited from 15 companies: Dipna Pharmachem Ltd, BGIL Films & Technologies Ltd, Bazel International Ltd, United Credit Ltd, ZR2 Bioenergy Ltd, Ashirwad Steels & Industries Ltd, Goel Food Products Ltd, Resourceful Automobile Ltd, Unitech Ltd, Confidence Futuristic Energetech Ltd, Milgrey Finance & Investments Ltd, MRC Agrotech Ltd, Shelter Infra Projects Ltd, Icodex Publishing Solutions Ltd, and Manoj Ceramic Ltd.
• Issued by Deputy Vice President Sanjay Jain and Manager Shreya Ghose of the Surveillance department.

Regulatory Changes

No new regulatory changes introduced. This is a standard surveillance-driven clarification notice under BSE’s existing market monitoring framework.

Compliance Requirements

• The 15 companies listed under “Reply Awaited” are expected to furnish their clarifications to BSE promptly.
• Trading members and investors are advised to review the attached replies (Replies1, Replies2) from the 18 responding companies before making investment decisions in these scrips.

Important Dates

• Notice Date: 7th April 2026
• No explicit deadline mentioned for the 15 pending companies, but prompt response is implied by BSE’s surveillance process.

Impact Assessment

This notice affects 33 mid/small-cap equity scrips across diverse sectors. The exchange’s public disclosure of these clarification requests signals heightened regulatory scrutiny, which may influence short-term investor sentiment negatively for the listed scrips — particularly the 15 companies yet to respond. Investors and traders should review company replies attached to the notice to assess whether the price/volume movements were justified by material corporate developments or remain unexplained.

BSE has revised the price bands for various scrips as part of a periodic review of surveillance actions. The revised price bands are detailed in the attached Annexure and will take effect from April 08, 2026. Scrips listed in the Trade for Trade segment will continue to be subject to a 5% price band regardless of this revision.

Key Points

• Price bands have been revised for multiple scrips as part of BSE’s ongoing surveillance review.
• The revised price bands are effective from April 08, 2026.
• Scrips in the Trade for Trade segment will continue to attract a price band of 5%.
• A detailed list of affected scrips with their revised price bands is provided in the attached Annexure (Annexure_April_2026).
• For clarifications, trading members may contact bse.surv@bseindia.com.

Regulatory Changes

Price bands for certain scrips have been revised by the Surveillance department (DOSS) as part of routine surveillance action. The specific scrips and their new price band limits are listed in the enclosed Annexure.

Compliance Requirements

• Trading members must adhere to the revised price bands for the specified scrips from April 08, 2026.
• Trades in scrips under the Trade for Trade segment must continue to comply with the existing 5% price band restriction.
• Members should refer to the Annexure for the complete list of affected scrips and applicable price bands.

Important Dates

• Notice Date: April 07, 2026
• Effective Date: April 08, 2026

Impact Assessment

This is a routine surveillance measure that adjusts price bands for select scrips to manage market volatility and prevent manipulation. Trading members and investors in the affected scrips will be subject to new price movement limits starting April 08, 2026. The change may restrict intraday price movements for affected securities. Scrips in the Trade for Trade segment remain unaffected by this revision and retain their 5% cap.