BSE, NSE to keep six cos under enhanced surveillance

The Bombay Stock Exchange (BSE) building is illuminated during a special "muhurat" trading session for Diwali, the festival of lights, in Mumbai, India, November 11, 2015. Stock markets opened on Wednesday for a special one-hour Diwali holiday session. REUTERS/Shailesh Andrade

Leading bourses BSE and NSE will move six companies to the restrcicted trading category from tomorrow to keep them under enhanced surveillance. Shares of these companies will be moved to the trade- to-trade segment under Stage 1 of the Graded Surveillance Measure (GSM).

BSE is moving six companies: Ador Multiproducts, Amarnath Securities, Ind Bank Housing, Sharp India, Solis Marketing and Viji Finance to trade-to-trade segment. The National Stock Exchange (NSE) will put Viji Finance under GSM.

In Stage 1, the scrip is moved to the "trade for trade" segment with the permitted price band of five per cent or lower as applicable.

In two separate but similarly-worded circulars, the exchanges said that the scrips would be shifted to Stage 1 of GSM from April 13.

The bourses have asked members to take "adequate precaution" while trading in the shares of these firms, as the settlement would be done on trade-to-trade basis and no netting off would be allowed.

Last month, BSE and NSE had decided to keep more than 800 companies under GSM framework in order to check any abnormal rise in stock price that is not commensurate with the firms' financial health.