However, if companies comply with the provisions of listing norms on or before January 29, trading in its securities will not be suspended, BSE and NSE said in separate circulars.
Leading stock exchanges BSE and NSE will suspend trading in shares of cafe chain operator Coffee Day Enterprises and fraud-hit CG Power and Industrial Solutions from February 3 for not complying with listing norms pertaining to submission of quarterly financial results. However, if companies comply with the provisions of listing norms on or before January 29, trading in its securities will not be suspended, BSE and NSE said in separate circulars.
The exchanges said these firms have not submitted the financial results for June 2019 and September 2019 quarter and/or not paid the fine amount levied for the non-compliance, as required under the listing norms of Securities and Exchange Board of India (Sebi). Consequently, trading in securities of these companies will be suspended with effect from February 3, 2020 “on account of non-compliance with Regulation 33 of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015 for two consecutive quarters — June 2019 and September 2019.”
Regulation 33 pertains to submission of financial results. Also, the entire promoter shareholding of the firms have been frozen from January 10, till further notice, the exchanges said.