BSE suspends trading in 35 companies on unusual price movement, weak financials
Unusual price movements vis -a- vis preferential issue price and weak financials led to BSE suspending trading on 35 companies from 24th December 
 
Following directions from market regulator Securities and Exchange Board of India (SEBI) on unusual price movements preferential issue price and weak financials of the company, the BSE has decided to suspend trading in 35 companies from 24 December 2015.
 
"While the Exchange, from time to time, has taken requisite steps to detect and contain such instances, it is felt necessary that further pre-emptive measures should be adopted to curtail misuse of the Exchange's system. Accordingly, various enhanced surveillance measures such as reduction in price band, and suspension in the trading of securities, will be adopted by the Exchange. In furtherance of aforesaid course of action and as a preventive measure, trading in the securities of following companies shall be suspended / remain suspended with effect from 24 December 2015," BSE said in a release.
 
The suspended companies are required to submit auditor certificate, along with documents confirming, amount raised under each of the preferential issue, object, and how it benefitted the company. The suspended companies will also have to certify that there was no mis-utilisation of funds raised under preferential basis and it needs to be supported with a bank statement. 
 
In addition, these companies will have to submit auditor's certificate stating that the money raised has not been transferred back to the preferential allottees, promoters and directors either directly or indirectly. 
 
BSE said, in case of any discrepancies observed in the auditor certificate in future, same shall be viewed seriously including referring of the case to ICAI. 
 
Here is the list of companies suspended by BSE from trading...
 
Moneylife has been writing on unusual price movement in stock markets since past several years. Here is the link to Stock Manipulation section… http://www.moneylife.in/investing/stock-manipulation 

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COMMENTS

Vaibhav Dhoka

1 year ago

BSE suspend trading but it is in fact punishing investor whose money is blocked and he is further penalized by compulsory maintaining shares in DMAT.ALL that is SEBI NSE BSE NSDL and CSDL are silent on this issue from investor point.I inquire with NSDL officer in Pune when he came for interaction at investors meet.He kept mum on this issue.

India takes up students' deportation issue with US
India has strongly taken up the matter of 14 Indian students being deported from the US where they had gone to join two universities.
 
"We have seen reports regarding deportation of Indian students from San Francisco," external affairs ministry spokesman Vikas Swarup said in a statement on Tuesday.
 
"As per information available with us, the deportations have taken place due to denial of entry to these students by US immigration authorities," he said.
 
"Air India has acted as per the advice of US authorities. We have strongly taken up the matter with the US government both in the US and in Delhi. We are closely following up the matter with the aim of resolving it at the earliest."
 
The 14 students reportedly went to take admission in Silicon Valley University in San Jose, California, and North Western Polytechnic College in Fremont, California.
 
Air India, in an earlier statement, said it received a communication on December 19 from the US Customs and Border Protection agency that the two universities were under scrutiny and the students who arrived in San Francisco were not allowed to enter the US and were deported back to India.
 
"So far, 14 students who travelled on Air India flights to San Francisco have been deported," the Air India statement said.
 
"Students travel on a one-way ticket to the US and in the event of deportation, the student incurs huge expenditure to buy a ticket back to India on first available service. Further, seats are often not available on any airlines to travel back."
 
On Sunday, Air India stopped 19 students headed for these two institutions from boarding its flight to San Francisco.
 
"In considering the situation, as a precautionary measure and to avoid inconvenience, students booked for travel to take admission to these universities are not being accepted on Air India flights," the Air India statement said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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India likely to see gradual growth recovery: Morgan Stanley
The Indian economy is expected to experience a gradual and sustainable recovery and post GDP growth of 7.5 percent this fiscal, American financial services firm Morgan Stanley said in a report on Tuesday.
 
"We expect a slightly slower pick-up in growth trajectory, given the trailing weakness from external demand and concerns about agriculture growth, with related impact on rural consumption," Morgan Stanley said in a research note.
 
"We expect GDP growth (new series, on market prices) to accelerate gradually to 7.5 percent in financial year 2016 and 8.1 percent in fiscal year 2017," it said.
 
India is decidedly moving out of the macro-economic adjustment phase and into the recovery phase aided by government policy actions and the Reserve Bank of India's (RBI) monetary policy response, the brokerage firm said.
 
However, it would be a "longer-duration expansion cycle for India with low risks of overheating in the next two years, considering the overall policy approach of the government and RBI", it added.
 
The report said the upside and downside risks to the forecast will be influenced by two key factors - the pace of policy actions to revive productivity dynamics and improve the growth mix, and the strength of external demand recovery and trend in capital inflows into emerging markets.
 
"We currently see risks to our growth outlook as evenly balanced," it said.
 
Meanwhile, the government's mid-year review released last week sharply lowered the economic growth forecast for the current fiscal to the 7-7.5 percent range, from the previously projected 8.1-8.5 percent, mainly because of lower agricultural output due to deficit rainfall. 
 
It also said there may be a need to reconsider next year's fiscal deficit target of 3.5 percent.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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