Leading stock exchange BSE will suspend trading in securities of 17 companies from November 29 for not complying with provision of listing regulations and failing to pay the mandatory fines for non-compliance.
The exchange will suspend trading in seven companies that had submitted their financial results but did not pay the applicable fines.
The 10 companies that did not comply with the listing regulations are Mysore Paper Mills, Premier Energy and Infrastructure, Ranjeev Alloys, RCL Foods, Soma Papers & Industries, Sudar Industries, Sunrise Asian, SVOGL Oil Gas And Energy, Techtran Polylenses and Valecha Engineering.
Trading in securities of the companies will be suspended from November 29 on account of non-compliance with Regulation 33 of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015 for two consecutive quarters to March and June 2016, BSE said in a circular.
The Regulation 33 pertains to submission of financial results.
The firms yet to pay the fines are Agro Dutch Industries, Aroma Enterprises (India), Avon Lifesciences, Hindustan Everest Tools, Karur KCP Packkagings, Tarrif Cine & Finance, Tulsyan Nec LTD.
The entire promoter shareholding of the seven companies will be frozen from November 7.
In case the firms comply with the norms on or before November 23, they will not face trading suspension.
Further, the exchange said the suspension will continue till such time that these firms comply with the norms, including payment of fines.
Besides, 15 days after suspension, trading in the shares of non-compliant companies will be allowed on restricted basis or trade for trade basis in Z group only on the first trading day of every week for six months.
"Revocation of suspension will be subject to the companies further complying with the procedure and all extant norms prescribed for revocation of suspension," BSE noted.
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