Brightcom Group shares suspended from trading on BSE, NSE; What next for shareholders?

NSE

What Next For Shareholders?

Shares of the Brightcom Group have been suspended from trading on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The provisions will remain in place until the company complies with the master circular issued by the NSE. The announcement of the trading suspension was made on May 15. A day later, the Brightcom Group had responded to the exchanges that they are confident of avoiding the trading suspension and will also declare their September and December quarter results for financial year 2024 by June 11. On June 11, the company did declare results, albeit only of the September quarter and for the first half of financial year 2024. No clarity was shared on when the December quarter results will be announced.As of the March quarter shareholding pattern, the Brightcom Group had 6.56 lakh shareholders, or those with authorised share capital of less than ₹2 lakh.Trading will now remain suspended in the Brightcom Group shares for the next 15 days. Post this, the trading will resume but only on a trade-for-trade basis in the Z category. This trading will be allowed only on the first trading day of every week for the next six months.A ‘Z’ Category stock is one which has failed to comply with the listing requirement of the exchanges and failed to resolve investor complaints and / or has not made required arrangements with both depositories.Under the Trade-For-Trade Category, only delivery trades are permitted and no intraday trading can be done. To buy such a stock, one needs to have funds to take 100% delivery of the stock.Brightcom Group shares were locked in a 5% lower circuit for two straight sessions on Wednesday and Thursday before trading was suspended.