BSE to move 16 cos to restricted trading category

Leading stock exchange BSE will shift as many as 16 companies to the restricted trading category from next week for not meeting the demat criteria.
Among the firms are Bharati Defence and Infrastructure, Indian Bright Steel Co Ltd, Prism Informatics, Paramount Cosmetics (India) Ltd, DFL Infrastructure Finance, Shree Steel Wire Ropes, Perfect-Octave Media Projects, G V Films, SC Agrotech, Sunil Agro Foods and Arnold Holdings.
Sirohia & Sons, Max Alert Systems, Shree Ganesh Jewellery House, Omnitech InfoSolutions and Progressive Extractions & Expots are the other companies in the list.
In a circular, BSE said these firms have not achieved 50 per cent public shareholding in demat form for the quarter ended September, 2016 or have not submitted the shareholding pattern or submitted incorrect stakeholding pattern for the quarter under review.

Accordingly, these companies will be transferred to Trade-for-trade segment or T/MT/ XT group with effect from November 22, 2016, it added.
Under these segments, no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.
In addition, a total of 633 firms will continue to remain in T/MT/ XT segments for not meeting demat criteria, while another 286 companies will also continue to be in these categories for "reasons other than demat criteria".
The companies will remain in these group till the next quarterly review.