BSE has placed 34 companies exclusively listed on the OTC Exchange as well as 20 companies on the Bangalore Stock Exchange on its DB that allows buyers and sellers to disseminate their bids/ offers using the services of trading members
To safeguard interests of investors of firms listed solely on exiting stock exchanges, BSE has placed as many as 54 companies listed on the Bangalore Stock Exchange and OTC Exchange of India to the Dissemination Board (DB).
The move, which is effective from Wednesday, would allow buyers and sellers of the securities of these companies to disseminate their bids/ offers using the services of trading members at BSE.
In separate notices, BSE said it is placing 34 companies exclusively listed on the OTC Exchange as well as 20 companies on the Bangalore Stock Exchange on its DB.
Of these, six entities -- CF Technologies, Essemm Information Systems, Krisn Information Technologies, Scarlet Flowers & Agritech, Thungabadra Pulps & Boards Mills and Union Home Products -- listed on the Bangalore Stock Exchange are "vanishing companies", BSE said.
Some of companies on OTC Exchange which have been moved are: Zim Laboratories, Allied Stock Investors, Aditya Coating, Electronica Industries, Cherry Polypack and Hindustan Biotech.
BSE dissemination board is an information disseminating mechanism made available on the bourse's website for buyers and sellers of companies, which are listed exclusively on exiting or de-recognised Regional Stock Exchanges (RSEs) and have failed to obtain listing on any RSE.
The board is required to be set up by stock exchanges having nationwide trading terminals such as BSE.
"Trading Members are requested to note that the companies admitted to BSE Dissemination Board are not listed with BSE (are treated as unlisted companies)," BSE said.
"There will be no listing agreement executed by BSE with these companies," it added.
The exchange also said that there would be no monitoring of any compliance with respect to filings made by these firms and that information received from them would be disseminated on the DB platform.
Under the BSE dissemination board, brokers of the exchange would act as "point of contact" for registered client, for executing the bid/offers placed.
Under the mechanism, there is no matching of trades on the board and they are cleared and settled outside BSE/Indian Clearing Corporation.
Investors, on their part, also do not have any recourse to the investor grievance redressal mechanism, including arbitration and investor protection fund.
As per regulator SEBI's norms, companies listed exclusively on exiting or de-recognised Regional Stock Exchanges (RSEs) are required to seek listing on at least any other RSE that is not seeking de-recognition and exit.
However, those companies which fail to list on any other RSE are treated as unlisted entity and have to be moved to dissemination board.
Since August, petrol price has been cumulatively cut by Rs9.36 per litre. Brent has lost almost 30% since its June peak amid speculation that global supply is outpacing demand
Petrol and diesel prices are likely to be cut by close to Re1 per litre this weekend on sliding global oil rates. This would be the seventh reduction in petrol prices since August and the third in rates of diesel since its decontrol last month.
State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) following the fortnightly review practice, are due to revise rates of petrol and diesel on Saturday.
In all probability, rates will be reduced if the current trend of declining international oil prices continue, industry sources said.
Petrol price was last cut by Rs2.41 a litre on 1st November. On the same day, diesel rates were reduced by Rs2.25 per litre. A litre of petrol in Delhi as on Wednesday costs Rs64.25 a litre.
Since August, petrol price has been cumulatively cut by Rs9.36 per litre.
Diesel price was for the first time in more than five years cut on 19th October by Rs3.37 a litre when the government decided to deregulated the fuel. This was followed by another cut on 1st November and diesel currently costs Rs53.35 a litre in Delhi.
Prior to the 19th October reduction, diesel rates were previously cut in January 2009.
Sources said oil marketing companies revise rates of petrol, which was deregulated in June 2010, and diesel on 1st and 16th of every month based on average international oil price and rupee-US dollar exchange rate.
Brent crude fell for a third day amid signs that OPEC members are reluctant to reduce supply even as prices slumped deeper into a bear market. It declined by 82 cents to $80.85 per barrel.
While public attention was much more in Saradha as it turned out to be a high profile one, Rose Valley scam is probably six times bigger with a collection of deposits worth about Rs15,000 crore
The mobilisation of money from the market is much more in Rose Valley than in the Saradha ponzi companies, according to Enforcement Directorate (ED), which is probing the money laundering aspects of both the firms.
"The Rose Valley scam is of much bigger magnitude than the Saradha. It is probably six times bigger as Rose Valley had collected deposits of around Rs15,000 crore from the public", a source from ED told PTI.
To track the money trail of Rose Valley, ED had already frozen around 2,500-odd accounts of the company. While money can be deposited in those accounts, no amount can be withdrawn from them, the source said.
The source said that public attention was much more in Saradha as it turned out to be a high profile one. The Central Bureau of Investigation (CBI) had also been directed to probe the Saradha scam which the agency was doing now along with the ED.
Tracking the accounts of these two firms was a humongous task as each account was having several branch accounts.
"For instance, we have unearthed so far ten lakh accounts for the Saradha group. There could be more which is yet to be ascertained", the source said.
Relating to Saradha probe, which ED started from April 2013, the source said that identification of substantial part of 'crime proceeds' was over.
"We will be able to file the charge sheet once the predicate offence was established by CBI", the source said.