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Business News/ Markets / Stock Markets/  NSE to suspend trading in Shankar Sharma portfolio stock Brightcom Group from June 14
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NSE to suspend trading in Shankar Sharma portfolio stock Brightcom Group from June 14

NSE announced that trading in Brightcom Group shares will be suspended from June 14, 2024, until the company complies with the Master Circular.

NSE said trading in Brightcom Group shares will be suspended from June 14, 2024, until the company complies with the Master Circular. Photo: Aniruddha Chowdhury/Mint (Mint)Premium
NSE said trading in Brightcom Group shares will be suspended from June 14, 2024, until the company complies with the Master Circular. Photo: Aniruddha Chowdhury/Mint (Mint)

National Stock Exchange (NSE), in a circular on Tuesday, May 14, announced that trading in Brightcom Group shares will be suspended from June 14, 2024, until the company complies with the Master Circular.

"Trading in securities of the above-mentioned Company would be suspended w.e.f. June 14, 2024, and the suspension will continue till such time the company complies with Master Circular," NSE said.

"Brightcom Group has not complied with requirements of Regulation 33 (i.e. the submission of financial results) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) for two consecutive quarters’ i.e. September 30, 2023 and December 31, 2023. Hence, the trading in securities of Brightcom Group Limited shall be suspended w.e.f. June 14, 2024." NSE said.

After 15 days of suspension, trading in the stock would be allowed on a trade-for-trade basis in the Z category on the first trading day every week for six months, NSE said.

Brightcom Group share price fell over 5 per cent to the level of 12.25 apiece on NSE on Wednesday, May 15.

Eminent investor Shankar Sharma held nearly 2.3 crore shares, or 1.14 per cent, of Brightcom Group at the end of the December 2023 quarter.

The company is yet to disclose its March quarter (Q4FY24) shareholding pattern.

Meanwhile, in February this year, market regulator SEBI affirmed its directives concerning 20 out of the 25 entities involved in the Brightcom Group case. On August 22, 2023, SEBI issued an interim order and on February 28, the markets regulator issued a confirmatory order.

Also Read: SEBI issues confirmatory order against Brightcom Group for fraudulent practices

Sebi, in its investigation regarding the issuance of preferential issues of shares and warrants, had found that some allottees made only partial payments.

In August last year, SEBI issued an interim order raising concerns over the found lapses in the preferential issue of the company and barred Suresh Kumar Reddy - the promoter-cum-chairman and managing director of Brightcom Group, along with chief financial officer Narayan Raju from holding directorial posts until further notice.

Also Read: SEBI finds lapses in Brightcom's preferential issues of shares; top officials barred from holding directorial posts

In December, Brightcom Group filed a fresh application before the Securities Appellate Tribunal seeking a stay on SEBI’s order restraining ace investor Shankar Sharma and others from selling shares in the company.

Also Read: Brightcom Group files fresh application seeking stay on Sebi order

The Securities Appellate Tribunal refused to interfere with the SEBI’s interim order dated 22 August, 2023.

Also Read: SAT refuses to interfere with Sebi’s interim order on Brightcom

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

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Published: 15 May 2024, 12:28 PM IST
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