Firms get an extension for bourses

Mumbai: Sebi has extended its deadline for the second time to allow firms exclusively listed on de-recognised regional bourses to come out with a detailed plan of action to either migrate to the main board of the national bourses or to give a proper exit  opportunity to shareholders.

They have been given an additional three-month time period to comply with the guidelines issued in October 2016. It warned about stringent actions including attachment of the bank accounts of promoters and directors and freezing of their shares.

It also stated that the promoters and directors of such firms, which fail to comply, would be barred for ten years.