The securities market regulator, the Securities and Exchange Board of India (SEBI) has released names of the 331 suspected shell companies.
The securities market regulator, the Securities and Exchange Board of India (SEBI) has released names of the 331 suspected shell companies.
The SEBI has notified BSE, NSE and the Metropolitan Stock Exchange to keep these 331 stocks in stage four of the Graded Surveillance Mechanism (GSM) with immediate effect.
SEBI’s step is in response to a list of 331 companies shared by the Corporate Affairs Ministry which are suspected to be shell entities.
Securities coming in stage four are permitted to trade only once a month under trade to trade category. These companies may face compulsory delisting by the exchanges, following a forsenic audit to verify their credentials/fundamentals.
Some of these suspected shell companies include Prakash Industries, SQS BFSI, Rohit Ferro, REI Agro, Assam Company, Signet Industries, Parsvnath Developers, Pincon Spirits, Gallant Ispat, J Kumar Infra.
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