Leading bourse BSE today suspended trading in securities of 13 companies for violating certain norms of the listing agreement for two consecutive quarters.
The exchange said these companies failed to comply with Clause 41 of the then prevailing listing agreement and/or Regulation 55A of the SEBI (Depositories and Participants) Regulations, 1996 for two consecutive quarters - June 2015 and September 2015.
Among those suspended are three companies -- Esquire Money Guarantees, Orissa Sponge Iron & Steel and Digital Electronics -- who later complied with the norms by submitting their financial results but failed to pay the applicable fines.
Other suspended firms include Elder Health Care, Elder Pharmaceuticals, Elder Projects, Galaxy Consolidated Finance, Luminaire Technologies, Gemmia Oiltech (India) and White Lion Asia.
BSE said that the suspension in trading will be effective for 21 days till February 25, 2016.
Besides, the exchange has ordered freezing of the entire promoter shareholding of these companies from February 3, 2016 till further notice.
BSE said if the firms fail to comply with the provisions of the listing agreement by February 19, trading in securities of the companies would be suspended with effect from February 25, and the suspension will continue till the time they comply, including payment of fines.
(REOPEN DCM 43)
Earlier in November, NSE had launched 'seamless
announcement filing mechanism' for investors as part of its effort to provide information to shareholders without any loss of time.
The announcement related to credit rating, shareholder meeting and allotment of ESOP or employee stock ownership plan, among others are disseminated directly on NSE's website without intervention of the exchange.
"Under this seamless system, the information will get disseminated as has been filed by listed entity. Listed entity shall exercise due care while filing the announcement and shall be solely answerable for the announcement," NSE had said.
