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BSE will move 14 scrips, including Edserv Softsystems and Asian Oilfield Services, to the restricted trade category from December 24 for failing to convert at least half of the public shareholding into dematerialised format.
Among other scrips that will be transfered to trade-for-trade segment or ‘T’ group are Howard Hotels, Oxford Industries, Moving Picture Company India and Alliance Integrated Metaliks.
The BSE in a circular said that these firms have not achieved 50 per cent public shareholding in dematerialised or demat form as per “the shareholding pattern submitted by the companies for the quarter ended September 2013, or have not submitted the shareholding pattern, or submitted incorrect shareholding pattern for the quarter ended September 2013.”
In the trade-for-trade segment, no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.
According to SEBI norms, all the listed firms that have not achieved the mandated public/promoter holding in demat, trading in securities of such companies will be carried and settled on trade-for-trade basis.
Further, the exchange said that 570 scrips including Bajaj Global, Speciality Papers, Taksheel Solutions and Money Masters Leasing & Finance will continue to remain in ‘T’ group for not complying with SEBI’s norms.
Besides, the BSE has retained 326 stocks in the ‘T’ Group “for reasons other than demat criteria.”
The companies would remain in ‘T’ group till the next quarterly review. Moreover, as many as eight companies that have achieved at least 50 per cent public holding and 100 per cent promoter holding in demat will be transferred in the normal settlement mode from restricted trade category from December 24.
In a separate circular, the National Stock Exchange said that it will shift stocks of two companies, Aftek Ltd and Morepen Laboratories, to normal trading segment from December 24.
NSE will retain 30 stocks to restricted trade category for not adhering to SEBI’s regulation.
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