Mumbai: Leading stock exchange BSE will delist as many as 36 companies listed on its platform from January 20 as they have remained suspended for more than 13 years.
This is in addition to over 250 firms already delisted by the exchange last year. The securities of these firms have been under suspension for more than 13 years on account of non-compliance of various clauses of listing regulations.
"Trading-members of the exchange are hereby informed that 36 firms that have remained suspended for more than 13 years would be delisted from the platform of the exchange, with effect from January 20, 2017," BSE said in a circular today.
BSE said the move is pursuant to order of the Delisting Committee of the exchange in accordance with regulations by Securities and Exchange Board of India (Sebi). As per delisting norms, securities of these 36 companies would cease to be listed and therefore not be available for trading on the platform of the exchange.
Further, the delisted company, its whole-time directors, promoters and group companies shall be debarred from accessing the securities market for a period of 10 years from the date of compulsory delisting.
Besides, the companies would be shifted to BSE's dissemination board for a period of 5 years as directed by Sebi. BSE is the world's largest bourse in terms of listed entities (5,714) on its platform. Overall, trading in shares of as many as 1,278 companies listed on BSE has been under suspension for seven years or more, as on on date.
