BSE to move 7 cos to restricted trading segment from Aug 26
BSE said it would shift the scrips to the Z group, wherein their scrips would be settled on trade-for-trade basis
New Delhi: Leading stock exchange BSE will shift stocks of seven firms to the restricted trading category from 26 August for not complying with listing obligations and disclosure norms.
In a circular, BSE said it would shift the scrips to the Z group, wherein their scrips would be settled on trade-for-trade basis.
Under the trade-for-trade segment, no speculative trading is allowed and delivery of shares and payment of consideration amount is mandatory.
Broadcast Initiatives, FE (India) Ltd, GEI Industrial Systems, Kyra Landscapes, Lumax Automotive Systems, Tirupati Inks and VHCL Industries will be transferred to Z group with effect from August 26, due to non compliances for two consecutive quarters March 2016 and June 2016 for the Regulation 27(2) of Sebi (Listing Obligations and Disclosure Requirements) Regulations.
Regulation 27 (2) pertains to submission of the corporate governance compliance report within the stipulated period. The Z group includes companies which have failed to comply with the listing requirements and/or have failed to resolve investor complaints and/or have not made the required arrangements with the depositories -- CDSL and NSDL -- for dematerialisation of their securities.
The markets extended their negative streak for the fifth successive session as US Federal Reserve Chair Jerome Powell warned of further hikes if the inflation levels do not come down
BSE Midcap and Smallcap indices fell between 0.6 and 0.8 percent. India VIX ended marginally lower. Oil and gas, pharma and consumer durables fell over 2 percent.
BSE Midcap fell over 1 percent while BSE Smallcap declined almost 3 percent. India VIX slid to 22.41 levels. Metal slid almost 4 percent, while FMCG was the biggest gainer