Overview
- Reliance Infrastructure submitted a formal representation to SEBI, NSE and BSE seeking review of the Additional Surveillance Measure that limits its stock to once-a-week trading within a ±5% band.
- The firm says the ASM was applied despite the National Company Law Appellate Tribunal staying the insolvency admission order and that no resolution professional has taken control of the company.
- In its filing the company argued the weekly, narrow-band trading rule creates mechanical price moves, traps liquidity and disproportionately harms more than 700,000 retail shareholders.
- Reliance Infra confirmed an order placing a Rs 77.86 crore lien on its bank accounts in a FEMA matter, said it will appeal, and earlier ED actions that froze about Rs 55 crore remain on the record.
- As an alternative to the once-a-week curb the company proposed keeping strict safeguards such as gross settlement, 100% margins and an additional surveillance deposit while using periodic call auctions or wider graded bands to enable two-sided trading.