The Bombay Stock Exchange (BSE) on Thursday said it would de-list 36 companies from its platform on Friday, January 20. The stock exchange said it has taken this decision since the companies have remained suspended for more than 13 years.
This is in addition to the 250 firms that were already delisted by the exchange last year. The securities of the 36 firms have been suspended on account of non-compliance with various clauses of listing regulations.
"Trading-members of the exchange are hereby informed that 36 firms that have remained suspended for more than 13 years would be delisted from the platform of the exchange, with effect from January 20, 2017," the BSE circular read. The delisting is in accordance with the regulations by the Securities and Exchange Board of India (Sebi).
Additionally, the delisted company, along with the full-time directors, promoters and other group companies will also be debarred from accessing the securities market for a period of 10 years from the date of the compulsory delisting.
The companies will now be shifted to BSE's dissemination board for a period of five years as per the Sebi guidelines. BSE is the world's largest bourse and has about 5,714 listed entities on its platform.