BSE-Position Monitoring
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Position Monitoring
The Surveillance Department closely monitors the outstanding exposure of Members on a daily basis. For this purpose, it has developed various market monitoring reports. The reports are scrutinized to ascertain whether there is excessive purchase or sale position build up compared to the normal business of the Member, whether there are concentrated purchases or sales, or whether the purchases have been made by inactive or financially weak Members. Even the quality of Securities is considered to assess the quality of exposure. Based on an analysis of the above factors and the margins already paid and the capital deposited by the Member, early pay-in calls are made, if required. Some Members are even advised to reduce their outstanding exposure in the market. Trading restrictions are placed on financially weak Members as and when deemed fit after taking into consideration their past track record. The Department, as such, executes an important risk management function to avert possible payment default of Members by taking timely and corrective measures.

Market Wide Circuit Breakers

Based on SEBI Circular No. SMDRPD/Policy/Cir-37/2001 dated June 28, 2001, the Exchange implemented index-based market-wide circuit breakers with effect from July 02, 2001. SEBI vide its Circular no. CIR/MRD/DP/ 25 /2013 dated September 03, 2013 has partially modified the provisions of the it aforementioned circular and have introduced daily calculation of circuit breaker limits for 10%, 15% and 20% based on the previous day's closing level of the index. Additionally, a 15 minutes pre opening session post each trading halt has been introduced. 

Based on the said circular, the Exchange on a daily basis disseminates the 10%, 15% and 20% circuit breaker limits on the closing value of S & P BSE Sensex for the next trading day. The rounding off the circuit breaker limits to nearest 25 points as prescribed in SEBI circular dated June 28, 2001 has been done away with SEBI Circular dated September 3, 2013.

The index-based market-wide circuit breaker system applies at 3 stages of the index movement, either way viz. at 10%, 15% and 20%. These circuit breakers when triggered bring about a coordinated trading halt in all equity and equity derivative markets nationwide. The market-wide circuit breakers are triggered by movement of either the S & P BSE Sensex or the NSE CNX Nifty, whichever is breached earlier. 

The trigger limits and the respective halt duration is given below: 

Trigger Limit Trigger Time Halt duration Pre Opening Session duration post each halt
10% Before 1 Pm
At or After 1 PM to 2.30 PM
At or after 2.30 PM
Before 1 PM
45 Minutes
15 Minutes
No Halt
1 Hour 45 minutes
15 Minutes
15 Minutes
15 Minutes
15% At or after 1 PM before 2 PM On or after 2 PM 45 Minutes
Trading halt for the remainder of the day.
15 Minutes
20% Any time of the day Trading halt for the remainder of the day. -

Individual Security Circuit Filters

Circuit Filter of 20% is applicable on all Securities except the Securities on which derivative products are available and are part of indices on which derivative products are available. However, BSE imposes dummy circuit filter on these Securities to avoid punching errors, if any.