INSUBCONTINENT EXCLUSIVE:
New Delhi: Leading stock exchange NSE has shortlisted eight companies, including Future Enterprises and GMR Infrastructure, that have higher
levels of pledged shares by promoters, for surveillance action.
The exchange would levy minimum margin of 35 per cent on the respective
shares, including on stocks in derivatives segment.
Jindal Steel - Power, Dish TV India, Gayatri Projects, Max India, Sadbhav Infrastructure
Project and Sequent Scientific are the other six companies identified for surveillance action, according to a circular.
"The applicable rate
of margin in equity and equity derivatives segment shall be 35 per cent or existing margin, whichever is higher with effect from December 5
on all open positions as on December 4 and new positions created from December 5," the bourse said.
It also noted that shortlisting of
securities under this surveillance measure is purely on account of market surveillance and it should not be construed as an adverse action
against the concerned company.
In October, stock exchanges decided to take additional surveillance measures from November 1 in order to
reduce volatility in stocks having higher levels of pledged shares by their promoters.
Under the framework, the exchanges would levy minimum
margin of 35 per cent on the stock (including stocks in derivatives segment) where promoters pledged their holding by more than 25 per cent
of the total equity capital and have a market capitalisation of over Rs 1,000 crore.