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Trading in Parsvnath, 3 others to resume from Monday

Press Trust of India  |  New Delhi 

Leading stock today said trading in four companies, including and SQS BFSI Ltd, will resume on Monday after SAT stayed trading restriction imposed by on these companies.

Other two companies are Signet Industries Ltd and Pincon Spirit Ltd.

of these four companies would be moved out of (Graded Surveillance Measures) framework and made available for trading with effect from August 14, said in a circular.

Parsvnath would be allowed to trade in a price band of 10 per cent, while the same for other three would be 20 per cent.

The move comes after the Securities Appellate Tribunal (SAT) today stayed trading restrictions imposed on these four companies, which figured in a list of 331 "suspected shell companies" referred by the to

The appellants had submitted their respective financials, along with other filings, before SAT to establish that they are not shell companies and are in compliance with all regulations.

Besides, trading in JKumar Infraprojects and resumed today after SAT, yesterday, lifted trading restriction imposed on them as per a directive.

Sebi, on August 7, had asked stock exchanges to restrict trading in of 331 "suspected shell companies", some of which have investments by several well-known domestic and foreign investors.

Subsequently, the exchanges had moved such stocks to the highest sixth grade of GSM, where the are allowed to trade only on first Monday of the month with no upward movement in price with Additional Surveillance Deposit of 200 per cent of trade value to be deposited by the buyers.

Sebi had received the list of such companies from the corporate affairs ministry and many of the 331 firms are under the scanner of the Serious Fraud Investigation Office (SFIO) and the Income Tax Department.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 11 2017. 19:42 IST