Mumbai, July 18 (IANS) Stock exchange major BSE on Tuesday said it will increase surveillance on the stocks of 28 companies with effect from Thursday.
According to the BSE, securities of companies such as ABC Bearings, Lotus Eye Care Hospital, Orient Beverages, Sahara One Media and Entertainment and Shriram Asset Management Co among others will be shifted to group "T/XT".
As per the nomenclature, the "T" Group represents securities which are settled on a trade-to-trade basis as a surveillance measure. At the time of review, any securities falling in trade-for-trade segment ('DT' or 'T' groups) are classified under "XT" sub-segment.
Further, the BSE said the securities which will continue to remain in "T/XT/ST/P/Z/ZP" group would attract a circuit filter of 5 per cent or lower as applicable.
The filter mechanism is used to curb excessive volatility in markets by fixing maximum fluctuation in stock price.
The BSE said the criteria for shifting securities to and from settlement on trade to trade basis was decided in consultation with Sebi and applied uniformly across the stock exchanges and reviewed periodically.
"Trading members should note that the transfer of security/ies for trading and settlement on a trade-to-trade basis is purely on account of market surveillance measure and it should not be construed as an adverse action against the company," the BSE said in a statement.
"Further, this is a temporary measure and will be periodically reviewed depending on the market conditions," it added.
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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