NSE to ask for documents from 48 suspected shell companies
DSIJ Intelligence / 10 Aug 2017
Market regulator Securities and Exchange Board of India (SEBI) has directed stock exchanges to shift 331 companies to the Graded Surveillance Measure (GSM), Stage VI, with immediate effect.
Market regulator Securities and Exchange Board of India (SEBI) has directed stock 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 the NSE. Of these 48 companies, 10 companies were suspended prior to this directive of SEBI.
SEBI has asked the NSE to seek documents from these 48 companies and verify their credentials and fundamentals. The exchange has already commenced the process of collecting information, as advised by SEBI, and will be reporting to SEBI after completing the exercise.
As per market observers, the exchange seems to have softened its stance and given a chance to the shell companies to let them prove their credentials. Three major players from the SEBI’s list of suspected shell companies, namely, Prakash Industries, J Kumar Infraprojects and Parsvnath Developers have moved to the Securities and Appellate Tribunal (SAT) against SEBI’s circular
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