LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

SEBI imposes trading curbs on suspected shell companies

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Aug 08, 2017
12:39 pm
Reuters

India imposed trading restrictions on 162 listed entities identified as shell companies, a surprise move that analysts said was part of a broad crackdown on illegal offshore transfers and tax evasion.

The announcement by the Securities Exchange Board of India (SEBI) late on Monday did not say what illegal activities the companies may have been engaged in.

The restrictions include limiting trading in the affected companies to once a month and curbs in the trading of shares held by the promoters and directors of the companies.

The government has been going after companies it suspects of engaging in irregular transactions after a ban on high-value currency bills late last year, including transferring money abroad illegally, or "black money," and evading taxes.

Some analysts said the trading restrictions had taken investors by surprise.

"(Investors) should wait for the full facts to emerge," Amit Tandon, founder and managing director of shareholder rights group Institutional Investor Advisory Services, said in a chat room operated by Reuters.

"If these companies indeed have been used for money-laundering, then strict penal action needs to be taken. If not, they need to be excluded from this order."

SEBI did not immediately respond to a request for comment.

SQS India BFSI Ltd , one of the companies identified in the list, expressed shock at its inclusion in the list.

"We would like to categorically state that the company has been following all the rules and regulations," it said in an exchange filing.

"We therefore find it quite shocking that the company has been placed under this surveillance list."

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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.

TAGS:

LATEST NEWS

FD fraud: SBI issues alert for customers, says avoid THESE things or else you will lose money

7th pay Commission: This is what Centre said about pending DA installments; staffers to get it by 'this' month

$100 mn investment proposal in Hero Fincorp secured debt: What International Finance Corporation said?

CBSE exams 2021 cancellation demand: Board has big update for Class 10, 12 students

Stock Market Outlook: Nifty, Bank Nifty support range REVEALED; Anil Singhvi says global cues, corona cases and FIIs data will be crucial

Daily Covid-19 cases spike to new record, nears 1.5 lakh infection; Uddhav Thackeray calls all-party meet to review corona situation in Maharashtra

West Bengal election 2021: LIVE UPDATES! 75.93% voter turnout recorded till 5:24 pm; 4 people killed, 4 injured in firing incidents

NURECA Share Price hits 20% UPPER CIRCUIT: Know the reason WHY

Gold Price outlook, correction, resistance and target—EXPLAINED! This is what Experts say about yellow metal in near to medium term

Gold price: Resistance, support for MCX Gold REVEALED, check crucial levels

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved