Market safety: NSE to shift 15 stocks, including Indiabulls Wholesale Services, Subex to restricted trade segment

Written by PTI | Mumbai | Updated: Oct 22 2013, 03:59am hrs
Indiabulls Wholesale Services Subex sharesNo speculative trading will be allowed in Indiabulls Wholesale Services and Subex. Reuters
With an aim to ensure market safety, leading bourse National Stock Exchange (NSE) today said it will shift 15 companies' shares, including Indiabulls Wholesale Services and Subex to restricted trading category from Friday.

Among other scrips, which would be shifted to the trade- to-trade segment include Asian Electronics, Glodyne Technoserve, Petron Engineering Construction, Shyam Telecom, Indosolar, MIRC Electronics and Wanbury.

In the trade-to-trade segment, no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.

The move is part of the preventive surveillance measure to ensure the market safety and to safeguard the interest of investors, NSE said in a circular.

"Trading in securities (15)...Will be available in Trade for Trade segment at a price band of five per cent with effect from October 25, 2013 (Friday)," the exchange said.

Also, the exchange has advised exercise of caution while trading in these scrips.

"Trading members should note that the transfer of scrips for trading and settlement on a trade-to-trade basis is purely on account of market surveillance measure and it should not be construed as an adverse action against the company," NSE said.

"Further, this is a temporary measure and will be periodically reviewed depending on the market conditions," added.

Besides, the exchange said that other 159 stocks such as Reliance Broadcast Network Ltd, Essar Shipping, Prime Securities, Uttam Sugar Mills and Ramky Infrastructure would continue to trade in the restrictive segment.