Shell Companies: SAT grants relief to 2 companies against SEBI order [Read SAT order]

SEBI

The Securities Appellate Tribunal (SAT) has today, stayed the SEBI order on suspected shell companies, that had put 331 entities under the Stage VI of the Graded Surveillance Measure (GSM). However, the stay order is only limited to the two companies that have appealed.

Under stage VI of GSM framework, trading in these identified securities shall be permitted only once a month under trade-to-trade category. Further, any upward price movement in these securities shall not be permitted beyond the last traded . . .

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