Sebi issues notice to all promoters

Posted By: Religare
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Sebi issues notice to all promoters
Sebi made an announcement on Friday June 17 2011 stating that all the promoters of all listed companies India must dematerialize their holdings by the end of the quarter ended September 2011 failing which, Sebi reserves the right to transfer the shares to tarde-to-trade segments of the bourses.

The board also announced that the securites of the companies will only be be allowed to trade in the normal segment of the exchange if the entire shareholdings of the promoters and the promoter groups have been dematerialized by September 30, 2011.

The step is likely to curb the use of fraudulent shares of promoters in the market.

Read more about: sebi, scam, economy, capital market
Story first published: Monday, June 20, 2011, 9:31 [IST]
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