Sebi asks bro­kers to ver­ify cre­den­tials of 3 un­listed firms

Business Standard - - THE SMART INVESTOR -

Mar­ket reg­u­la­tor Sebi on Thurs­day asked bro­kers to ver­ify the cre­den­tials of three un­listed Gu­jarat-based firms, whose names have been shared by the in­come tax depart­ment as sus­pected shell firms, be­fore ex­e­cut­ing any trade for them. The move comes af­ter Sebi, in Au­gust, had asked bro­kers to ver­ify cre­den­tials of 107 un­listed en­ti­ties and bar them from trad­ing if the re­sults were found un­sat­is­fac­tory. The di­rec­tive fol­lowed Sebi ask­ing the ex­changes, on Au­gust 7, to re­strict trad­ing in shares of 331 sus­pected shell com­pa­nies, which were iden­ti­fied by the cor­po­rate af­fairs min­istry for ini­ti­at­ing nec­es­sary ac­tion ac­cord­ing to Sebi's norms. PTI

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