MUMBAI, July 17: Sebi has cleared a list of 60 securities in which institutions would be required to trade only in dematerialised form (electronic transfer in paperless form instead of the conventional physical transfer of shares). The regulator has decided to begin compulsory trading in all these scrips from October 15.The 60 securities are: Tata Power, Bhel, Nestle, MTNL, ICICI Banking Corporation, Escorts, LIC Housing Finance, Crompton Greaves, Chambal Fertilizers & Chemicals, ITC Bhadrachalam, Century Textiles, Kesoram Industries, Nocil, Bank of Baroda, Bata India, Essar Steel, Wartsila NSD, Bombay Dyeing, Tamil Nadu Newsprint & Papers, Container Corporation of India, Digital Equipment, Corporation Bank, GNFC, Spic, Cadbury, Pfizer, Hindustan Zinc, BEML, IOC, Bongaigaon Refinery & Petrochemicals, Andhra Valley Power Supply, EI Hotels, Colgate-Palmolive, Orchid Chemicals, GSFC, United Phosphorous, Punjab Tractors, IndusInd Bank, BPL, Dhampur Sugar Mills, Essar Oil, Oswal Agro Mills, ICI, Siemens, Gail,Tamilnadu Petroproducts, Wipro, Britannia Industries, VIP Industries, Tube Investments of India, Pentafour Software, Dena Bank, Dabur India, Ashok Leyland, Global Tele-Systems, GMDC, Bharat Electricals, IBP, ITI and HMT.
The regulator has also decided that the delivery of the underlying shares of the GDRs issued by all 110 companies (50 cleared earlier) should be compulsorily dematerialised. It will write to the Reserve Bank of India for procedural clarifications if necessary.
Sebi has also cut down on the time taken for the dematerialisation process.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
