(a) the name of Public Limited Companies whose shares have been brought under daily
compulsory rolling stock;
(b) the justification for this discriminatory treatment;
(c) whether the share value of these Companies have been slashed by 90 percent as a result
of this compulsory rolling formula;
(d) if so, the details thereof;
(e) the steps proposed to be taken to bring the shares of these companies under
weekly settlement like others; and
(f) if not, the reasons therefor?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (BALASAHEB VIKHE PATIL)
(a) The Securities and Exchange Board of
India (SEBI) has intimated that as on date,
there are 163 scrips of public limited companies
mandated for compulsory rolling settlement. Names
of these companies are provided in the Annexure.
(b) SEBI has also intimated that the scrips included
under rolling settlement have been identified by
a Committee comprising the stock exchanges
and market participants on the basis of
parameters such as a reasonable degree of
liquidity with a daily turnover of about
Rs. 1 crore, compulsory dematerialised trading,
connectivity with both depositories etc.
According to SEBI, the coverage of scrips
under rolling settlement will be increased in phases.
(c) & (d)There has been a fall in the market price of
the scrips of these companies. However, the
pricing of shares is market determined which is a
function of the fundamentals of the company,
and prevailing economic conditions. Thus the
fall in the prices in the scrips cannot
be wholly attributed to the introduction of
the scrips in compulsory rolling settlement.
(e) & (f) SEBI is committed to introduction of
the rolling settlement in all scrips in
a phased manner in all the exchanges. At present,
SEBI is not considering any proposal for
shifting the scrips in compulsory rolling settlement
to account period/weekly settlement.
ANNEXURE REFERRED TO IN REPLY TO PART (a) OF LOK SABHA UNSTARRED QUESTION
NO . 5277 FOR 22.12.2000 REGARDING COMPULSORY ROLLING FORMULA FOR SHARES.
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