Four more Adani group companies to be put under additional surveillance measures framework
The move also comes close on the heels of the two exchanges putting Adani Enterprises, Adani Power and Adani Wilmar under the short-term additional surveillance measure (ASM) framework Stage - I from March 9, 2023.
Indian leading exchanges NSE and BSE on Friday said two Adani Group firms – Adani Transmission and Adani Total Gas – will be put under the second stage of the long-term additional surveillance measures framework.
This will be effective from March 13, according to separate circulars.
The move also comes close on the heels of the two exchanges putting Adani Group companies like Adani Enterprises, Adani Power and Adani Wilmar under the short-term additional surveillance measure (ASM) framework Stage - I from March 9.
Also read- What is Social Stock Exchange? Know how it will function and its objective
The bourses also put NDTV and Adani Green Energy under the long-term ASM framework Stage - II.
The parameters for shortlisting securities under Additional Surveillance Measures (ASM) include high-low variation, client concentration, number of price band hits, close-to-close price variation and price earning ratio.
The NSE and BSE said these companies have satisfied the criteria for inclusion under long-term additional surveillance measures (Long Term - ASM).
Also Read: 3 Adani Group stocks again placed under short-term surveillance framework
The applicable rate of margin shall be 100 per cent and shall be applicable with effect from March 15, 2023, on all open positions as on March 14, 2023, and new positions created from March 15, 2023 onwards. In addition, a lower price band shall be applicable effective from March 13, 2023, as per the exchanges.
ASM measure is a pre-emptive measure by the capital market regulator Sebi and exchanges to enhance 'market integrity and safeguard the interest of investors'. ASM concerns are based on objective parameters with price, volume variation, and volatility.
Also Read - What is ASM framework in stock market and how it affects traders? Explained
Meanwhile, Adani Group stocks ended on a mixed note on Friday.
The shares of Adani Group firms had taken a beating on the bourses following the report by US-based short seller Hindenburg Research. The report had made a litany of allegations, including fraudulent transactions and share-price manipulation, against it.
The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Top 10 PSU Stocks in 1 Year: Rs 1 lakh investment in top stock has given Rs 5.55 lakh post-tax returns
Gold and Silver rate today (May 23, 2024): Precious metal futures trade under pressure, yellow met below Rs 72,650, white metal near Rs 91,200
Gold and Silver rate today (May 21, 2024): Precious metal futures trade lower; yellow metal futures below Rs 73,750, white metal futures slips over 1%
PSU multibaggers Cochin Shipyard Ltd and Mazagon Dock hit all-time high, rise over 630% and 299% in 1 year
SIP Investment, 15x20x12 Formula: How investing Rs 20K monthly can build a corpus of Rs 1 crore in 15 yrs | Know Calculation
08:36 AM IST