Companies challenge Sebi over shell allegation
Companies have denied the shell allegation imposed by the Sebi on August 07, 2017. A list of 331 companies have been suspected as shell companies.
Key Highlights:
- Sebi identifies 331 listed firms as shell companies
- Sensex, Nifty at one-month low
- Few companies challenge the allegation of Sebi
A list of firms have shown their anger after being accused as “shell companies” by the market regulator Securities Exchange and Board of India (Sebi).
On August 07, 2017, Sebi directed BSE, National Stock Exchange (NSE) and Metropolitan Stock Exchange to identify listed companies out of the list of 331 suspected shell companies received by the Ministry of Corporate Affairs vide letter dated June 09, 2017.
These 331 companies have been moved to stage VI of Graded Surveillance Measure (GSM) under which trading in the these firms will be permitted for trading once a month under trade-to-trade category.
Only 48 out of 331 suspected shell cos listed on NSE
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