NSE and BSE suspend trading of Brightcom Group shares from June 14 what will happen to 5.7 lakh retail investors

SEBI: National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have banned trading of shares of digital marketing solutions company Brightcom Group. Due to this, the money of about 5.7 lakh investors is stuck. This company was violating the rules of market regulator SEBI. According to SEBI, the company had understated its expenses and overstated its profits for the five years from 2014-15. Due to this, action has been taken against the company. The ban on trading of the company's shares will come into effect from June 14. The company's stock had touched the lower circuit on Wednesday.

The company had been manipulating financial results for many years

NSE issued a circular on Wednesday saying that this action is being taken on the orders of SEBI due to manipulation in financial results. SEBI has also raised questions on the September and December quarter results filed by the company. Therefore, trading of Brighton Group stock will be stopped from June 14, 2024. If the company meets the SEBI rules, then trading of its shares will be resumed. However, 15 days after the suspension, trading in the company's securities will be allowed on the first business day of every week for six months.

Shareholding and securities of promoters will also be confiscated.

According to BSE, during the suspension, the entire shareholding of the promoters and all other securities lying in the demat account will also remain confiscated. At present, the promoters of Brighton Group hold 18.38 percent stake while 81.62 percent stake is with the public. About 5.7 lakh retail investors hold 37.89 percent stake in the company caught in this crisis. Giant company Vanguard also has a stake in it. Apart from this, FPI LGOF Global Opportunity Fund has 2.48 percent stake in it, veteran investor Shankar Sharma has 1.14 percent stake and Subroto Saha has 2.02 percent stake.

Brighton Group stock hits lower circuit on BSE-NSE

SEBI was keeping an eye on this Hyderabad company for the last 2 years. An investigation was being conducted against him on charges of hiding information. SEBI said that the company was committing fraud by manipulating the financial results. The company has hidden information worth about Rs 1280 crore. On Wednesday, the stock of Brighton Group had touched the lower circuit on BSE and NSE.

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