The Securities Appellate Tribunal (SAT) today lifted Sebi's trading restrictions on shares of six suspected shell companies, including Parsvnath Developers, and asked the regulator to hear them and also probe them. The other five companies which got relief today are Kavit Industries, Pincon Spirit, Signet Industries, SQS India BFSI and KKalpana Industries. Capital market regulator Sebi had on August 7 had asked stock exchanges to restrict trading in shares of 331 suspected shell companies, some of which have several well- known domestic and foreign investors. Following this, SAT lifted the trading restrictions imposed on these companies and the counters of these firms are likely to resume normal trading from Monday. Yesterday, SAT had stayed trading restrictions imposed on J Kumar Infraprojects and Prakash Industries, observing that Sebi issued the list without investigating the credentials or fundamentals of these firms.

Source: dna August 11, 2017 10:30 UTC