BSE suspends activities in 93 companies

The Governing Board of the Stock Exchange, Bombay, decided to suspend admission to dealing of the securities of the 90 companies for three days from November 20 to November 22, 1990, for their failure to publish unaudited financial result for the half-year ended on March 31, 1990. This is required by Clause 41 of the Listing Agreement.

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The Securities and Exchange Board of India (SEBI) has framed rules to register and regulate stock dealers, share shoppes, and unauthorised stock exchanges under Section 12 of the SEBI Act. These rules are proposed with a view to redressing the grievances of investors in semi-urban and rural areas who have been experiencing difficulties in getting services for disposal of securities or consolidating odd lots. The regulations impose a statutory duty on stock dealers to deal only on a spot delivery basis and issue receipts in a specified form. Additionally, every applicant eligible for grant of a certificate must pay an initial fee of Rs 50,000 to keep the certificate in force. Stock dealers will have to submit information relating to their activities as and when required by SEBI.