Indian Bourse BSE to Put 22 Companies Under Enhanced Surveillance

Negative global cues depress equity markets

By Dayafter Bureau, Agencies

BSE will bring 22 companies under enhanced surveillance measures and move seven of them into the restricted trading category.

As per two separate circulars issued today, while the exchange will shift seven firms to Stage 1 of the Graded Surveillance Measure (GSM), it will transfer 15 to Stage 2.

Among the seven firms to be shifted to Stage 1 of the GSM are Jagson Airlines, JD Orgochem, Kachchh Minerals, Skyline Ventures India and SVC Superchem.

A total of 15 firms, including Colinz Laboratories, Dhruv Estates, Rama Petrochemicals, Shree Precoated Steels, Sparc Systems and Transglobe Foods, would be shifted to Stage 2 of the enhanced surveillance.

The measures on these firms would be effective from April 18.

In Stage 1, the scrip is moved to the “trade for trade” segment with the permitted price band of 5 per cent or lower as applicable.

In Stage 2, there would also be a requirement for Additional Surveillance Deposit (ASD) of 100 per cent of trade value charged to the buyer.

The BSE has asked members to take “adequate precaution” while trading in the shares of these firms, as the settlement would be done on trade-to-trade basis and no netting off would be allowed.