Moneycontrol
Feb 16, 2017 05:18 PM IST | Source: PTI

BSE to move 14 cos to restricted trade group from Feb 22

The stocks would be transferred to the trade-for-trade segment or 'T' or 'XT' group with effect from February 22, BSE said in a notice.

 
 
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Leading bourse BSE will move securities of 14 companies to the restricted trading segment from next week for reasons including failure to convert mandatory 50 percent public shareholding into demat form.


The stocks would be transferred to the trade-for-trade segment or 'T' or 'XT' group with effect from February 22, BSE said in a notice.


Under the trade-for-trade category, no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.


Some of the scrips which would be moved to the restricted trade group are - JRI Industries & Infrastructure, Neo Corp International, Jyoti Overseas, Gagan Gases, Indo Asian Finance, Srestha Finvest and PC Products India.


As per Sebi guidelines, shares of listed companies which have not achieved at least 50 percent of their public holding in dematerialised or electronic form would have to trade in the 'T' group category.


According to BSE, these 14 companies have not achieved 50 percent public shareholding in demat form as per the shareholding pattern submitted by them for the quarter ended December 2016 or have not submitted the shareholding pattern or shared incorrect shareholding pattern for the quarter ended December 2016.


These companies will remain in restricted trade segment till the next quarterly review.


Meanwhile, BSE has also decided to transfer the scrips of as many as 35 firms from the restricted trade category to the normal settlement mode with effect from February 22, after the firms achieved the demat criteria in the shareholding pattern for the quarter ended December 2016.

Vardhman Concrete, Grandeur Products, Speciality Papers, SP Capital Financing, Agri-Tech India and Mystic Electronics are some of the scrips which will be moved to the normal segment on BSE.

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