NSE to verify suspected 'shell companies' after trade restrictions by Sebi

NSE

Sebi has asked NSE to seek documents from 48 cos and verify credentials of these firms


LATEST NEWS    :    Stock exchange major National Stock Exchange of India (NSE) on Wednesday said that it has commenced the process to verify the credentials of firms on its platform, on whom trade restrictions were imposed by regulator Sebi.

"Sebi has directed exchanges to shift 331 companies to the Graded Surveillance Measure (GSM), Stage VI, with immediate effect. Of these 331 companies, only 48 are listed on NSE. Of these 48 companies, 10 companies were suspended prior to this directive of Sebi," the NSE said in a statement.


"Sebi has asked NSE to seek documents from these 48 companies and verify the credentials and fundamentals of these companies. The exchange has already commenced the process of collecting information, as advised by Sebi and will be reporting to Sebi after completing the exercise."

Stock market regulator Sebi had imposed trade restrictions on 331 firms which are suspected of being "shell companies" on on Monday.

The aforesaid securities were placed in suspended animation from Tuesday, as exchanges stated that the trade in these stocks shall be permitted only once a month.

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