NSE to move 24 scrips to restricted trade segment from Mar 3
Feb 25 2014 , Mumbai
The move is part of a surveillance review to safeguard interest of investors in the capital market.
Among other stocks that would be shifted to the trade- for-trade or 'T' group on the exchange included Avanti Feeds Ltd, Celebrity Fashions Ltd, Indian Terrain Fashions Ltd, Vikas GlobalOne Ltd and Phoenix Lamps Ltd.
Besides, NSE said that as many as 184 stocks including Kingfisher Airlines, 3i Infotech and Emami Infrastructure and Orchid Chemicals & Pharmaceuticals would be be shifted back from restricted category to rolling segment.
These changes would be effective from March 3, NSE has said in a circular.
In the trade-for-trade segment, no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.
As per the bourse, the move is part of the "surveillance review, with a view to ensure market safety and safeguard the interest of investors."
The stock exchange has advised the trading members to take "adequate precaution" while trading in these scrips "as the settlement will be done on trade-to-trade basis and no netting off will be allowed".
However, the bourse added the transfer of these securities for trading and settlement on a trade-to-trade basis "is purely on account of market surveillance and it should not be construed as an adverse action against the concerned company".
These stocks would attract a price band of 5 per cent which would be the maximum permissible limit within which the share price can move.