Leading stock exchange BSE will suspend trading in the securities of eight companies from April 20 as they failed to comply with certain listing requirements.
In case they comply with the norms by April 14, they would not face trading suspension.
The firms that face suspension are Aviva Industries, Bio Green Papers, Kanika Infotech, Madhur Capital & Finance, Mahesh Agriculture Implements & Steel Forge, Santowin Corp, Vibros Organics and Vishwamitra Financial Services.
The exchange has also ordered freezing of the entire promoter shareholding of these companies from Monday till further notice.
“Trading in securities of the companies (8) will be suspended with effect from April 20, 2016 (being 21 days from issue of this notice) on account of non-compliance with Regulation 55 A of the Sebi (Depositories and Participants) Regulations, 1996 for two consecutive quarters – September 2015 and December 2015,” BSE said in a circular.
Further, the exchange said the suspension will continue till such time these firms comply with the norms including payment of fines.
The exchange said that 15 days after suspension, trading in the shares of non-compliant companies would be allowed on restricted basis or in ‘Trade for Trade basis in Z group’ only on the first trading day of every week for six months.
“Revocation of suspension would be subject to the companies further complying with the procedure and all extant norms prescribed for revocation of suspension,” it added.