LIST
OF MADRAS STOCK EXCHANGE LISTED COMPANIES SHIFTED TO DISSEMINATION BOARD (I.E
DASH BOARD)
The Madras Stock Exchange (i.e MSE), was the
first ever stock exchange established in south of India, in Chennai. It was the fourth stock exchange established
in India. MSE has a subsidiary company
Madras Financial Services Limited (i.e MSEFSL) which was incorporated in year
2000. MSEFSL was established to provide trading opportunities to the
trading members of RSE (i.e Regional Stock Exchanges), to trade in multiple
exchanges. MSEFSL is a leading trading
member of BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) and
also a registred Depository participant (DP) with CDSL (Central Depository
Services Ltd).
With
SEBI (I.E Securities and Exchange Board of India) circular No. CIR/ MRD/ DSA/
14/ 2012 dated 30th May, 2012 all the regional stock exchanges was closed down.
All the Regional Stock Exchanges were provided an exit option to the
de-recognised stock exchanges and recognised stock exchanges seeking voluntary
surrender of recognition ("exiting RSEs") as per the SEBI order.
Companies listed exclusively on exiting or de-recognised RSEs will be required
to seek listing on atleast any other RSE that is not seeking de-recognition and
exit in terms of the aforesaid SEBI Circular. As per the aforesaid SEBI
Circular, companies failing to list on any other RSE, such companies will be
treated as an unlisted company and shall be moved to Dissemination Board (DB)
by such exiting or de-recognised RSE.
SEBI has directed all exchanges that do not
possess a trading platform with an annual turnover of at least ₹1,000 crore and
a net worth of ₹100 crore, and that do not have a tie-up with a clearing
corporation, to exit. Since MSE
i.e Madras Stock Exchange was not able to meet the SEBI standard for operating
as exchange, it got shut down by SEBI in Year 2014.
Madras Stock exchange had many valuable and noteworthy companies with
strong financial background and management control, such as, A.V.Thomas, BE BE Rubber Estate, Deccan
Finance, L.J International, Lel Properties, Manjushree Plantation, Reed Relay
& Electronics, Sree Akkamamba Textile, Ramaraju Surgical, Western India Plywood
, MIL Industries, etc.
Many of these MSE listed companies got listed on national wide stock
exchanges i.e BSE(Bombay Stock Exchange), NSE(National Stock Exchange),
Metropolitan Stock Exchange or Kolkata Stock Exchange. Many companies have also
come out with buy back offer for their shareholders to provide them liquidity
option.
ADVANTAGES TO SHAREHOLDERS: De-recognized/ regional/ dash board companies
are more beneficial source of investment since these companies have to be
compulsorily come out with either buy back ie exit offer for investors or list
themselves on recognized national level exchanges. Thus
Investors have a good opportunities to be the part of valuable stock on such
exchanges and get a short term exit route. SEBI has been receiving representations seeking
clarifications on raising of further capital and the process of exit of ELCs
from the DB. Therefore, in the interest of the investors of such ELCs, it is
decided to extend the time to submit the
plan of action till June 30, 2017.
No comments:
Post a Comment