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Small investors seek early listing of ADAG's four cos

In a letter to the SEBI chairman, an investor has urged the market regulator to ensure that shares are not traded in gray market.

india Updated: Feb 08, 2006 09:06 IST
Press Trust of India
Press Trust of India

Close on the heels of truce between the Ambani siblings, few small Reliance shareholders on Wednesday wrote a letter to the Securities and Exchanges Board of India, asking the market regulator to compel the company heads for early listing of four new firms formed after the demerger.

Ina letter addressed to the SEBI chairman, a small investor Chetan Damani has urged the market regulator to take necessary steps to ensure that shares are not traded in gray market.

"Reports have appeared that shares of demerged entities are traded in grey market. We are small shareholders and SEBI is the guardian to take care of the interest of small investors like us," said the letter.

As per the scheme proposed by Reliance, shares of new companies are to be listed within 45 days.

"Unless this shares are listed the value of the new companies shares are not unlocked. Please, get these four companies listed," the letter said.

In a special trading session held at BSE and NSE on January 18, RIL shares came down 24 per cent to Rs 702.90 from earlier day's close of Rs 928.15.

First Published: Feb 08, 2006 09:06 IST