The scrips which could now be shifted to rolling settlement are Elder Projects, Risa International, Mapro Industries, Surya Industrial Corporation, Croitre Industries and Anandam Rubber Company
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) said the stock exchanges may consider shifting securities of as many as six companies to normal trading category from the restricted segment, reports PTI.
The scrips which could now be shifted to rolling settlement are Elder Projects, Risa International, Mapro Industries, Surya Industrial Corporation, Croitre Industries and Anandam Rubber Company.
In 'trade-to-trade' segment, no speculative trading is allowed and delivery of shares and payment of the consideration amount are mandatory.
Additionally, SEBI also advised the bourses to report the regulator about the action taken in this regard in the monthly/quarterly development report.
SEBI said the stock exchanges may consider shifting the scrips of these six companies from the Trade for Trade Settlement (TFTS) to a normal Rolling Settlement as these companies have established connectivity with both depositories - National Securities Depository Ltd ( NSDL) and Central Depository Services Ltd (CDSL).
The shifting is subject to condition that 50% of non-promoter holdings in these companies should be in demat or electronic form.
"The stock exchanges may consider shifting the trading in these securities to normal Rolling Settlement subject to the following: at least 50% of other than promoter holdings are in dematerialised mode before shifting the trading in the securities of the company from TFTS to normal Rolling Settlement," SEBI said.
For this purpose, the listed companies require to obtain a certificate from its Registrar and Transfer Agent (RTA) and submit the same to the stock exchange, the regulator said.
In case, an issuer company does not have a separate RTA, it may obtain a certificate in this regard from a practising company Secretary/Chartered Accountant and submit the same to the stock exchange, it added.
"There are no other grounds/reasons for continuation of the trading in TFTS," SEBI said.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
