BSE to shift 11 firms to 'T' group; NSE 1 scrip

Tags: Stock Market
Leading stock exchange BSE has decided to move stocks of 11 firms to the restricted trading segment from next week for their failure to convert mandatory 50 per cent public shareholding into dematerialised format.

Besides, NSE will shift securities of Twilight Litaka Pharma for not meeting the demat criteria.

The stocks would be transferred to the trade-for-trade segment or 'T' group with effect from August 25, NSE and BSE said in separate notifications.

BSE would transfer stocks of Twilight Litaka Pharma, Mediaone Global Entertainment, Socrus Bio Sciences, Arvind International, Compact Disc India, Exelon Infrastructure, Gangotri Iron & Steel Company, Centerac Technologies, Finalysis Credit & Guarantee Company, Tutis Technologies and Avon Corporation to the 'T' group.

Under the trade-for-trade segment no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.

As per Sebi guidelines, shares of listed companies which have not achieved at least 50 per cent of their public holding in dematerialised (demat) or electronic form would have to trade in the 'T' group category.

According to BSE, the 11 firms had not achieved 50 per cent public holding in demat form, as per the shareholding pattern submitted by them for the quarter-ended June 2014 or have not submitted the shareholding pattern or submitted incorrect shareholding pattern for the quarter ending March 2014.

Meanwhile, the bourse has also decided to transfer scrips of as many as 55 firms from the T group to the normal segment with effect from August 25, for having achieved the demat criteria in the shareholding pattern for the June quarter.

Similarly, NSE will also shift 10 securities to the normal segment next week.

FCS Software Solutions, Nicco Corporation, Shiv-Vani Oil & Gas Exploration Services and Star Paper Mills are some of the scrips which would be shifted to the normal segment.

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