Dubious `IT’, dud NBFC stocks in Sebi’s rolling list

He said the list would have allthe 74 firms which had changed their names to infotech sounding ones. However, the rolling settlement list would not include firms which form part of the "A" group. Shares in the "A" group can be carried forward in the present weekly settlement.

The list will also include 31 NBFCs whose applications for certification have been rejected by the Reserve Bank of India. Many such NBFCs had shot up on the stock exchanges recently. Further, 35 fairly liquid B1 group scrips under compulsory demat and 15 to 18 companies reporting high volatility were also put in the new rolling settlement list. “The Sebi move will stop rigging in such stocks. Currently, share prices of many new `infotech’ companies and NBFCs are rigged on the market,” said an analyst. “The move to expand the rolling settlement list will benefit genuine investors. Excessive speculation will be curbed,” said BSE broker Pawan Dharnidharka.

The main objective of introducing rolling settlement was to bring the Indian securities market on par withdeveloped markets with low market risk and equipped with modern infrastructure, he added.

DEMAT LIST EXPANDED: The securities watchdog has also increased the list of scrips under compulsory dematerialised trading (for institutional investors) from the present 418 to 750, while compulsory demat for all categories of investors has been increased by 350 from the current 199. Elaborating about the major decisions taken by the SEBI board, a senior SEBI official said that the demat will happen in phases with various deadlines of March 21, May 8 and June 26.

Companies coming out with fresh initial public offering (IPO) or companies whose draft prospectuses are still pending with Sebi can offer investors the option of holding their securities either in physical or demat form, but these companies must enter into agreements with both NSDL and CDSL and should commence trades in demat form in the first day of trading itself. "This is to ensure that from day one itself they start with a clean slate," Sebiofficials said.

Moreover, companies which have not signed an agreement with either depository should sign it within March 31, failing which the stock exchanges would be asked to suspend trading.

Scrips under compulsory rolling settlement
The following companies will come under the new system with effect from May 8, 2000: 1 Sunstar Software, 2 Ambuja Ship & Sofware, 3 LCC Infotech, 4 BSEL Information, 5 Cyberspace Infosys, 6 Chicago Software, 7 Choksh Infotech, 8 Unisys Softwares, 9 Southern Infosys, 10 Omega Interactive, 11 GMS Computers, 12 Minisoft, 13 Nexcen Softech, 14 Indian Infotech, 15 IEC Software, 16 Kolar Information, 17 Shyam Software, 18 Silicon Valley Info, 19 Shalibhadra Infosec, 20 Soni Infosys, 21 Proline Software, 22 Webcity Infosys, 23 Synergy Login, 24 IMC Software, 25 ICES Software, 26 Vatsa Inflotech, 27 Shilpa Software, 28 Inna Reddy Computer, 29 Archana Software, 30 ERP Softsystems, 31 D R Softech, 32 CMS Infotech, 33 Chitalia Infotech, 34 Sun Bean Infotech, 35 SanvanSoftware, 36 VMF Softech, 37 CAT Technologies, 38 Sriven Multi-Tech.

39 Allsoft Corp, 40 Encore Software 41 Grow-Tech Software, 42 GMR Vasavi Info, 43 BT Technet, 44 Alps Infosys, 45 Corcomp Infosystems, 46 Netvista Information Tech, 47 Pentium Infotech, 48 Prakash Fortran Softech, 49 Ransi Software (I), 50 SAARC Net, 51 Vakrangee Softwares, 52 Kushagra Software, 53 EZ-Commerce Trade, 54 Trillienium Technologies, 55 Monalisa Infotech, 56 Millennium Infocom, 57 Eider Infotech, 58 Apex Intertech, 59 Indus e Solutions, 60 Ancent Software, 61 Gamma Infoway Exalt, 62 TIL Infotech, 63 Washington Software, 64 Canaan Intl Infotech, 65 Libord Infotech, 66 IT Microsystems, 67 A Info Consumables, 68 KTL Infosys, 69 NFL Infotech, 70 ACI Infotech, 71 Innosoft Technologies, 72 Atco Technologies, 73 Clio Infotech, 74 Vinitron Informatics, 75 ATN International, 76 Yash Management, 77 21st Century Management, 78 Sawaca Finance, 79 Kirloskar Investments, 80 RaviLeela Finance. 81 Madhumilan Finance, 82 Kotawala Securities, 83Mahadev Corporation, 84 Leafin India, 85 Allianz Capital, 86 Shoppers Investments, 87 CIFCO Finance, 88 Consort Finance, 89 Allianz Securities, 90 Sannac Motor, 91 Onida Finance, 92 Raunaq Finance, 93 Majestic Securities, 94 Pittie Finance, 95 Gujrat Capital, 96 Rusoday & Co, 97 Lyons Indust, 98 Enarai Finance, 99 Enrich Industries, 100 Platinum Finance, 101 Link International, 102 Damania Capital, 103 Lalbhai Finance, 104 Canopy Securities, 105 Premium International, 106 Odyssey Technologies, 107 Innovations Intl, 108 Phoenix Mill, 109 SIP Industries, 110 Worldwide Tel, 111 Autorider Ind, 112 Cybermate Info, 113 Odyssey Vid, 114 Omega Interactive, 115 Sawaca Communications, 116 Vans Info and Inv, 117 Mascon Global, 118 Media Video, 119 Relaxo Footwear, 120 Shri MM Softech, 121 Surana Tele, 122 Rajesh Exports.

The following companies will join the systen with effect from March 21, 2000: 1 Aftek Infosys, 2 Penta Comm, 3 Global Trust, 4 Orchid Chemicals, 5 KLG Systels, 6 Blue Star, 7 Torrent Pharma, 8 KotakMahindra Finance, 9 Archies Greetings, 10 Morgan Stanley, 11 Cheminor Drugs, 12 Sundaram Cleayton, 13 Container Corporation, 14 Indusind Bank, 15 Unichem Laboratories, 16 Navneet Publications, 17 GAIL, 18 Marico Industries, 19 ESSAR Steel, 20 Electro Steel Castings, 21 ITW Signode, 22 Prism Cement, 23 Chambal Fertilizers, 24 Federal Bank, 25 Birla Global, 26 Excel Industries, 27 MRPL, 28 Jindal Strips, 29 Shree Cement, 30 Jindal Iron, 31 Krishna Filament, 32 Indo Rama Synthetics, 33 Ashok Leyland Finance, 34 Morarka Finance.