Extra surveillance for firms under insolvency process
Markets regulator Sebi and stock exchanges will put in place additional surveillance measures for companies that are undergoing insolvency resolution process (IRP) from Monday, according to the leading bourse BSE.
The data available with the BSE shows that 75 firms, including ABG Shipyard, Amtek Auto, Bhushan Steel, Jaypee Infratech, Electrosteel
Steels, Mandhana Industries, Monnet Ispat & Energy, Ruchi Soya Industries, Supreme Tex Mart, Vardhman Industries and Rei Agro, are undergoing insolvency process as per the Insolvency and Bankruptcy Code (IBC).
In order to enhance market integrity and safeguard investors’ interest, the Securities and Exchange Board of India (Sebi) and the exchanges have been introducing various enhanced pre-emptive surveillance measures such as reduction in price band, periodic call auction and transfer of securities to trade to trade category from time to time.
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