BSE to move four firms to restricted segment for violating rules

Time & Us
Last Updated: August 28, 2017 at 12:28 am

new delhi: Leading stock exchange BSE will next month shift stocks of four firms to the restricted trading category for not complying with listing rules.

Delta Leasing and Finance, Muller and Phipps India, Unimers India and Visu International will be transferred to the Z group from September 1, the BSE said in a notice dated August 24.

The Z group includes companies that have failed to comply with Sebi’s listing requirements.

The firms will be moved to the restricted trading category “due to non-compliances” for two consecutive quarters — January-March and April-June — with Regulation 31 of Sebi (Listing Obligations and Disclosure Requirements) Regulations, the exchange said.

Regulation 31 relates to disclosure of shareholding pattern within a time frame.

The BSE also said the trades in the four scrips executed in the Z group will be settled on the trade-for-trade basis.

Under this segment, no speculative trading is allowed, and delivery of shares and payment of consideration amount are mandatory.