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BSE to drop Jignesh Shah's crisis-hit Financial Technologies from SLB segment

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Jignesh Shah's Financial Technologies, already reeling from the hit it has taken from the NSEL crisis, is facing more bad news. (AP) Jignesh Shah's Financial Technologies, already reeling from the hit it has taken from the NSEL crisis, is facing more bad news. (AP)
SummaryBeleaguered Jignesh Shah's Financial Technologies will stop trading in SLB from Nov 8.

Leading stock exchange BSE today said it will exclude Jignesh Shah-led Financial Technologies India Ltd (FTIL) from trading in the Securities Lending and Borrowing (SLB) segment with effect from November 8.

The Securities Lending and Borrowing (SLB) mechanism allows short sellers to borrow securities for making delivery.

"....scrip (Financial Technologies India Ltd) shall not be available for trading in the SLB Segment with effect from, November 8, 2013," BSE said in a circular.

According to market regulator Securities and Exchange Board of India (Sebi) guidelines, shares with an average monthly trading turnover of Rs 100 crore or more in the previous six months are eligible for trading in SLB segment.

Besides, shares with market-wide position limit (which indicates the investors' interest in a share) of at least Rs 100 crore is also eligible for the inclusion in SLB scheme.

In a separate circular, the exchange said Future Retail Ltd will move in to S&P BSE 500 index replacing Shree Nath Commercial & Finance Ltd from Thursday, October 31, 2013.

Also, Global Infratech & Finance Ltd would be included in the S&P BSE 500 index in the place of Marico Ltd, while Indiabulls Housing Finance Ltd would enter S&P BSE 200 replacing Marico. These changes would be effective from November 1.

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