BSE to transfer 56 securities to restricted segment

Premiere bourse BSE has decided to move securities of 56 companies, including Birla Capital & Financial Services and Essar Shipping, to the restricted trading category with effect from October 11.

Bharati Shipyard, Bil Energy Systems, Lotus Eye Care Hospital and Zenith Birla (India) are among other scrips which would be shifted by the stock exchange to the trade-to-trade segment ('T' Group category).

The measure is part of "preventive surveillance measure to ensure market safety and safeguard the interest of the investors," BSE said in a notice.

In the trade-to-trade segment, no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.

BSE has asked the trading members to "take adequate precaution" while trading in these 56 stocks, "as the settlement will be done on a trade-to-trade basis and no netting off positions will be allowed".

However, the exchange said the transfer of these stocks to 'T' group "should not be construed as an adverse action against the company".

"Further, this is a temporary measure and will be periodically reviewed depending on the market conditions," it added.