Manappuram Finance to suspend depository services from April

Manappuram Finance today said it will suspend its depository participant (DP) service from April 1.
The company, however, did not give any reason behind the move.
"The Board at its meeting held on February 8, 2017 decided to suspend the company's Depository Participant (DP) Service with effect from April 1, 2017," Manappuram Finance said in a regulatory filing.
The DP services will be kept as dormant, it added.
It also said that necessary arrangements will be made to transfer or close existing demat accounts held with the company's DP.
A DP is an agent of the depository through which it interfaces with investor and provides depository services. It holds securities like shares, debentures, bonds, government securities, mutual funds of investors in electronic form.

It also provides services related to transactions in securities. The minimum networth stipulated by Sebi for a depository is Rs 100 crore.
Stock of Manappuram Finance closed 1.36 per cent higher at Rs 92.95 on BSE.