Leading stock exchange BSE will shift 14 companies including Valecha Engineering and Avon Lifesciences to the restricted trading group from next week for failing to comply with certain listing regulations.
It will shift the scrips to Z group, wherein they will be settled on trade-for-trade basis, under which no speculative trading is allowed and delivery of shares and payment of consideration amount is mandatory.
"The scrips will be transferred to 'Z' group with effect from September 27, 2016, due to non-compliances for two consecutive quarters - March 2016 and June 2016 - for the Regulation 33 of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015," BSE said in a circular.
Regulation 33 pertains to submission of financial results.
Among the other scrips are -- Aroma Enterprises (India) Ltd, Hindustan Everest Tools, JVL Agro Industries, Karur KCP Packkagings, Mysore Paper Mills, Ranjeev Alloys, Soma Papers & Industries, Sudar Industries, Sunrise Asian, SVOGL Oil Gas And Energy, Tarrif Cine & Finance and Techtran Polylenses.
However, two firms -- Agro Dutch Industries and Tulsyan Nec -- have complied with the regulation but have not paid the applicable fines.
The Z group includes companies which have failed to comply with the listing requirements and/or have failed to resolve investor complaints and/or have not made the required arrangements with the depositories - CDSL and NSDL - for dematerialisation of their securities.
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