Saurashtra-Kutch exchange serves notices to recover listing fees

Rajkot, May 29 | Updated: May 30 2007, 05:30am hrs
The Saurashtra-Kutch Stock Exchange (SKSE) has served notices to 170 companies demanding payment of outstanding listing fees from these companies. The notice is yet another move by the exchange in its efforts to recover outstanding listing fees aggregating Rs 1.50 crore over the past one-and-a half-years.

Speaking to FE, Amit Bhilodi, acting executive director, SKSE, said that around 200 companies were listed on the SKSE. Of these, nearly 50-60 companies resorted to delisting in the wake of a Securities and Exchange Board of India (Sebi) directive that mentioned that any company willing to list itself on the national exchanges need not list itself on regional stock exchanges.

Of the remaining companies, around 170 companies have not paid the listing fees for the past 3-6 years. Even Sebi noted the fact that the exchange had not collected listing fees and directed it to step up efforts to recover outstanding listing fees.

SKSE tried to convince the errant companies to pay the fee, but it was of no avail. Following this, the exchange served a notice. Bhilodi said that the errant companies were situated outside Saurashtra.

Nearly 50 notices have returned undelivered, which indicates that these companies have shut shop without due notice. He said that a few companies would be punished.