Leading stock exchange BSE will move the securities of 17 companies to the restricted trading segment from next week for failure to convert mandatory 50 per cent public shareholding into dematerialised (demat) format.
Besides, NSE will also shift the scrip of two companies — Plethico Pharmaceuticals and Helios and Matheson Information Technology — to the restricted trading category, for not meeting the demat criteria.
The stocks would be transferred to the trade-for-trade segment or ‘T’ group with effect from August 24, NSE and BSE said in separate notifications.
Some of the scrips which would be moved to ‘T’ group on the BSE are — Roselabs, Birla Capital & Financial Services, Luminaire Technologies, Steel Exchange India and Finaventure Capital.
As per SEBI guidelines, shares of listed companies which have not achieved at least 50 per cent of their public holding in dematerialised or electronic form would have to trade in the ‘T’ group category.
In the trade-for-trade category, no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.
According to BSE, these 17 companies have not achieved 50 per cent public holding in demat form as per the shareholding pattern submitted by them for the quarter ended June 2015 or have not submitted the shareholding pattern or given incorrect details on the same.
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 28 firms from the ‘T’ group to the normal segment with effect from August 24, for having achieved the demat criteria in the shareholding pattern for the June quarter.
DFL Infrastructure Finance, Himachal Fibres, Panafic Industrials, Trident Tools and Filmcity Media are some of the scrips which will be moved to the normal segment on both the exchanges.
Similarly, NSE will also shift two firms — Blue Blends and Blue Coast Hotels — to the normal segment next week.