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May shift seven scrips to normal trading: SEBI

The scrips that could be shifted are Kailash Auto Finance, Apte Amalgamations, Redex Protech, High Street Filatex, Rekvina Laboratories, Matru-Smriti Traders and the Hindustan Housing Company

January 01, 1970 5:30 IST | India Infoline News Service
The Securities and Exchange Board of India (SEBI) on Monday said the stock exchanges may consider shifting securities of seven companies to the normal trading category from the restricted segment.

The scrips that could be shifted are Kailash Auto Finance, Apte Amalgamations, Redex Protech, High Street Filatex, Rekvina Laboratories, Matru-Smriti Traders and the Hindustan Housing Company.

The stock exchanges may consider shifting the trading in these securities to normal rolling settlement, as these firms have established connectivity with both — National Securities Depository Ltd and Central Depository Services Ltd.

The 'trade for trade' segment is a restricted category, wherein, no speculative trading is allowed and delivery of shares and payment of the consideration amount are mandatory.

At least 50% of other than promoter holdings should be in dematerialized mode before shifting the trading in the securities of the company from TFTS (Trade for Trade Settlement) to normal rolling settlement, SEBI said in a circular.

For this purpose, the listed companies shall obtain a certificate from its Registrar and Transfer Agent (RTA) and submit the same to the stock exchange/s.

However, if an issuer-company does not have a separate RTA, it may obtain a certificate in this regard from a practicing company secretary/chartered accountant and submit the same to the stock exchange/s, the circular added.

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