Trading-Measure - Stock Market Circularshttps://rhnvrm.github.io/stock-market-circulars/tags/trading-measure/Regulatory circulars from NSE, BSE, and SEBI with AI-powered summariesHugo -- gohugo.ioen-usTue, 07 Apr 2026 00:00:00 +0000BSE Encumbrance Measure: High Promoter & Non-Promoter Encumbrance under SEBI SAST Reg. 28(3)https://rhnvrm.github.io/stock-market-circulars/circulars/bse/2026/bse-2026-04-07-406d96ab97f4457e-measure-in-respect-of-companies-with-high-promoter-as-well-as-non-promoter-encum/Tue, 07 Apr 2026 14:17:43 +0000https://rhnvrm.github.io/stock-market-circulars/circulars/bse/2026/bse-2026-04-07-406d96ab97f4457e-measure-in-respect-of-companies-with-high-promoter-as-well-as-non-promoter-encum/BSE notifies inclusion and exclusion of securities under the high encumbrance measure per SEBI SAST Regulation 28(3), mandating 75% minimum margin in Equity and Equity Derivatives segments effective April 10, 2026.bsetradinghighhighhigh406d96ab97f4457ehttps://www.bseindia.com/downloads/UploadDocs/Notices/20260407-25/20260407-25.pdfencumbrancemargin-requirementsastsebisurveillanceequityequity-derivativespromoter-encumbrancetrading-measureSummary

BSE has issued a notice (No. 20260407-25) updating the list of securities under the high Promoter and non-Promoter Encumbrance measure as per Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This is a continuation of Exchange notice no. 20220131-43 dated January 31, 2022. Securities are being added and removed from the framework effective April 8–10, 2026.

Key Points

  • Securities listed in Annexure I are newly included under the encumbrance measure and will attract a minimum 75% margin in Equity and Equity Derivatives segments.
  • The 75% margin applies to all open positions as on April 09, 2026, and all new positions created from April 10, 2026.
  • Securities listed in Annexure II are eligible to exit the framework effective April 08, 2026.
  • A consolidated list of all securities currently under the framework is provided in Annexure III.
  • This measure operates in conjunction with all other prevailing surveillance measures imposed by the Exchange.
  • Inclusion in this measure should not be construed as an adverse action against the concerned company.

Regulatory Changes

The measure is governed under Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, which addresses high levels of promoter and non-promoter encumbrance of shares. BSE periodically reviews and updates the list of securities satisfying the inclusion criteria.

Compliance Requirements

  • Trading Members must ensure a minimum 75% margin is collected on all trades in securities listed under Annexure I in both Equity and Equity Derivatives segments.
  • Margin requirements apply retroactively to open positions as of April 9, 2026, and to all new positions from April 10, 2026.
  • Members may seek clarifications by writing to bse.surv@bseindia.com.

Important Dates

Date Event
April 07, 2026 Notice issued
April 08, 2026 Securities in Annexure II exit the framework
April 09, 2026 Reference date for open positions subject to 75% margin
April 10, 2026 75% margin requirement effective for Annexure I securities

Impact Assessment

The 75% minimum margin requirement significantly increases the cost of trading in affected securities for both retail and institutional participants. Traders holding open positions in these securities as of April 9, 2026, must ensure adequate margins are in place before April 10, 2026, or face forced liquidation. The measure applies across both cash (Equity) and derivatives segments, amplifying the impact on leveraged positions. Securities exiting the framework (Annexure II) will revert to standard margin requirements from April 8, 2026, providing relief to those traders. The periodic review nature of this measure means affected securities can change regularly.

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