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Leading bourse BSE has shifted 122 'vanishing companies' listed on the Vadodara Stock Exchange to its dissemination board.
Shares of these firms, however, will not be available for buying and selling.
"...122 vanishing companies which are exclusively listed on Vadodara Stock Exchange Ltd will be placed on Dissemination Board of BSE from Monday April 27, 2015," BSE said in a circular. The BSE dissemination board is an information disseminating mechanism on the bourse's website for buyers and sellers of companies, which are listed exclusively on exiting or de-recognised Regional Stock Exchanges (RSEs) and have failed to obtain listing on any RSE.
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Vadodara Stock Exchange is in the process of exiting as a bourse and in view of the same, these 122 firms, listed exclusively on the exchange, have been admitted to the dissemination board.
Among the vanishing companies are Addi Commercial Enterprises, Anand Dairy, Baroda Dying, Gujarat Apparels, Zen Shaving and Rainbow Housing Development Corp. In a separate circular, BSE has shifted 16 firms, including Trident Infotech, Ujjwal, Vardhan Capital & Finance and Gujarat Inject listed on the Vadodara Stock Exchange, to the board as well. The move would help buyers and sellers of the securities of these companies to disseminate their bids/offers using the services of the trading members of BSE. The exchange also said there will be no monitoring of any compliance with respect to filings made by these 16 firms and that information received from them will be disseminated on the dissemination board platform.
According to Sebi norms, companies listed exclusively on exiting or de-recognised RSEs are required to be listed on at least one other regional bourse. However, those that fail to list on any other RSE are treated as unlisted entity and have to be moved to dissemination board by the de-recognised bourse. Under the BSE dissemination board, brokers of the exchange act as "point of contact" for registered client for executing the bid/offers placed by such client.
