Sebi to crackdown on non-compliant companies on defunct bourses

Firms listed on non-operational bourses have to submit action plans to either list on bourses or pro

To safeguard investors of firms listed on non-operational bourses, the Securities and Exchange Board of India (Sebi) on Friday decided to initiate action against companies which have failed to submit an action plan to list on bourses or to provide exit option to shareholders.

Exclusively listed companies (ELCs) on the dissemination board were required to submit action plans to either list on pan-India bourses or provide exit option to shareholders by September  30.

The regulator had, in October 2016, provided three months time to ELCs to submit an action plan to list on bourses or to provide exit option to shareholder. In