 "NSE, BSE initiate audit of 100 ‘shell’ firms")
Stock exchanges have initiated audits of suspected shell firms. According to sources, the National Stock Exchange (NSE) and the BSE will first audit 100 suspended companies of the 331 listed by the government.
The move follows the Securities and Exchange Board of India’s (Sebi’s) directives to stock exchanges to verify the credentials and fundamentals of the “331 suspected shell companies", which have been barred from trading. The market regulator, in a letter dated August 9, asked the exchanges to seek the auditor’s certificate from the companies, with a list of other disclosures. These include annual income tax returns for
The move follows the Securities and Exchange Board of India’s (Sebi’s) directives to stock exchanges to verify the credentials and fundamentals of the “331 suspected shell companies", which have been barred from trading. The market regulator, in a letter dated August 9, asked the exchanges to seek the auditor’s certificate from the companies, with a list of other disclosures. These include annual income tax returns for
