Cse To Stop Payment On Crb-Owned Shares

The Calcutta Stock Exchange (CSE) board has decided to take immediate action to enforce the directive of the Securities and Exchange Board of India (Sebi) and was expected to issue a notice to all its members yesterday to stop payments against delivery of any shares belonging to the CRB group.

The CSE top brass had an informal meeting yesterday to discuss the implications of the Sebi directive and decided to take additional precaution with respect to the CRB-owned shares.

Not only will it freeze payments on deliveries of CRB-owned shares, it will also kick off an exercise to freeze those CRB-owned shares that are already floating in the market.

 

CSE board sources said they would bar the delivery of any share that belonged to the CRB group even if they had been introduced in the market earlier and may have changed hands many times.

The status quo as on date will be sought to be maintained by CSE till the repercussions of the scam are fully understood and the steps taken by the government, court, Sebi and the official liquidator are fully known.