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BSE Z group Stocks Intro and Pitfalls

Posted By On 1/06/2009 11:09:00 PM Under

1. The Z category was introduced by the BSE in July 1999. A stock is shifted to Z category if it fails to meet any 3 of the seven standards as listed below:
(a) Non notification of book closure and record dates (Listing Clause 15 & 16).
(b) Non Submission of Yearly annual reports (Listing Clause 31(1)(a)).
(c) Non submission of quarterly shareholding pattern (Listing Clause 35).
(d) Non deposition of annual listing fees (Listing Clause 38).
(e) Non publication of audited / unaudited results on a quarterly basis (Listing Clause 41).
(f) Non redressal of grievances of investors’ complaints such as share transfers (Listing Clause 3, 12, 21).
(g) Non implementation of corporate governance, if applicable (Listing Clause 49).

2. However companies can be shifted in Z group at the discretion of the exchange if the same is of having poor fundamentals and one will get a warning message while undertaking the online trading in Z group stocks. Implication of rading in Z group stocks is that one is not allowed intra-day netting off or squaring off in the said stocks.

3. The average turnover of the Z group stocks is less than 1% compared with the overall turnover of the BSE and as a result one may see some stocks hitting circuit breakers and at times one may not find even a buyer for said stocks. Thus one has to trade with caution as volatility is very high in these stocks. As a thumb rule avoid trading in Z group stocks.

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