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    Videocon and 10 others to Move to Restricted Trading Segment on BSE From Sept 3


    Eleven companies including Videocon Industries and Gemini Communication will be shifted to the restricted trading category on BSE (Bombay Stock Exchange) from September 3 for not complying with listing rules related to shareholding disclosures.

    Videocon and 10 others to Move to Restricted Trading Segment on BSE From Sept 3

    BSE and NSE (National Stock Exchange) had earlier said in separate notices that PNB (Punjab National Bank) fraud accused Mehul Choksi's Gitanjali Gems, Amtek Auto and five other companies, which are already in the 'Z category' for other violations, have also failed to comply with disclosure norms.

    The Z group includes companies which have failed to comply with its listing requirements and/or have failed to resolve investor complaints and/or have not made the required arrangements with the depositories (CDSL and NSDL) for dematerialisation of their securities. This is done to safeguard the interest of investors.

    BSE will now be shifting a total of 11 more stocks to the Z category:

    1. Bilpower
    2. Cals Refineries
    3. Citizen Yarns
    4. Gemini Communication
    5. Grandma Trading & Agencies
    6. Jyoti Overseas
    7. KGN Enterprises
    8. KGN Industries
    9. Layla Textile and Traders
    10. Omega Ag-Seeds Punjab
    11. Videocon Industries

    Of these, the NSE has decided to transfer three common stocks: Videocon Industries, Gemini Communication and Bilpower to the Z category.

    Also Read: Stuck With Stock To Be Suspended For Trade: Here's Strategy For You

    In the trade-to-trade segment (Z category), no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory. According to the exchanges, these 11 companies have not submitted the shareholding pattern report for two consecutive quarters,March and June this year, violating Sebi's Listing Obligations and Disclosure Requirements (LODR) regulations.

    If a company complies with the provisions of the listing regulations on or before the date prescribed by the exchanges, the trading in its security will not be suspended. In the case of BSE, the date is September 4, while for the NSE, it is September 5.

    Read more about: videocon bse
    Story first published: Tuesday, August 28, 2018, 11:12 [IST]
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