BSE SME closes in red with more losers than gainers
Updated: Jun 29, 2015 04:21:25pm
Mumbai, June 29 (KNN) On the day when media reported about SEBI probe on use of SME platform for money laundering and tax evasion, there was a steep decline in the BSE SME bourse today.
Just in line with the Bombay Stock Exchange, BSE SME closed in red today with 2.12 per cent decline.
Out of 88 companies listed with the platform, 35 companies actively traded today. However, there were 22 declines and 7 advances in the bourse today, while 6 companies traded flat.
The market capitalization of BSE SME reached Rs 7,650.45 crore. It closed at 912.66, down by 19.75 points.
Meanwhile, in what can be seen as a boom time for the small and medium enterprises (SMEs) in the country, the BSE SME Exchange looks to list about 100 SMEs during this fiscal.
So far, about 120 draft red herring prospectus (DRHPs) has been filed, out of which 94 companies got listed. Out of the 94 companies listed, 6 companies have migrated to the main board.
Recently, BSE SME Exchange had revised the listing norms thereby requiring higher post-issue paid up capital at Rs. 3 crore against the previous requirement of Rs 1 crore. Also, now the net-worth requirement and tangible assets requirement has been increased to Rs 3 crore from Rs. 1 crore.
Today, a media report said that market regulator SEBI is investigating a string of trades in stocks of SME and derivatives like currency options carried out to launder money and escape tax.
Persons with unaccounted cash are suspected to have misused the SME trading platform of exchanges to show the money as legitimate trading income. Another set of people, on the other side of the deals, did the reverse — converting a slice of their official income into unreported cash or "black money" to book fake expense or loss that would lower earnings and tax, the report added. (KNN Bureau)
Just in line with the Bombay Stock Exchange, BSE SME closed in red today with 2.12 per cent decline.
Out of 88 companies listed with the platform, 35 companies actively traded today. However, there were 22 declines and 7 advances in the bourse today, while 6 companies traded flat.
The market capitalization of BSE SME reached Rs 7,650.45 crore. It closed at 912.66, down by 19.75 points.
Meanwhile, in what can be seen as a boom time for the small and medium enterprises (SMEs) in the country, the BSE SME Exchange looks to list about 100 SMEs during this fiscal.
So far, about 120 draft red herring prospectus (DRHPs) has been filed, out of which 94 companies got listed. Out of the 94 companies listed, 6 companies have migrated to the main board.
Recently, BSE SME Exchange had revised the listing norms thereby requiring higher post-issue paid up capital at Rs. 3 crore against the previous requirement of Rs 1 crore. Also, now the net-worth requirement and tangible assets requirement has been increased to Rs 3 crore from Rs. 1 crore.
Today, a media report said that market regulator SEBI is investigating a string of trades in stocks of SME and derivatives like currency options carried out to launder money and escape tax.
Persons with unaccounted cash are suspected to have misused the SME trading platform of exchanges to show the money as legitimate trading income. Another set of people, on the other side of the deals, did the reverse — converting a slice of their official income into unreported cash or "black money" to book fake expense or loss that would lower earnings and tax, the report added. (KNN Bureau)
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