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Firms
which failed to comply with demat norms brought TTT basis
Our
Markets Bureau
Mumbai, Jan 4: The Stock Exchange, Mumbai (BSE) with
effect from December 31, 2001 has transfered those stocks into
trade-to-trade basis which have failed to comply with norms
like, listing agreement, redress the grievances of investors
and make arrangements to demat their securities with both the
depositories CDSL and NSDL as per the guidelines issued
by the Securities and Exchange Board of India (Sebi) requirements.
Sebi in May, 2001, had issued a notice stating that, trading
and settlement of securities of the companies which fail to
make demat arrangements with both the depositories by September
28, 2001 should be placed on trade-to-trade basis with effect
from December 31, 2001. BSE in a press release to members said,
In order to indicate to investors and members with regard to
this category of stocks, on a temporary measure we decided to
shift all these stocks to Z category.
Z group is a separate group of companies created by BSE to
warn potential investors that the companies belonging to this
group have not complied with various provisions of the listing
agreement, or have failed to redress the grievances of the investors.
Companies shifted to Z group can once again move to respective
groups once they make arragements for demating their securities.
BSE in a press release said that the trading and settlement
in their securities would only be transferred to their respective
groups viz B1, or B2 group after a period of three months
from the date of making such arrangement and trades would be
settled on net basis under compulsory rolling settlement on
T+5 basis. |
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