Trading curbs on suspected shell companies are imposed by India

Trading curbs on suspected shell companies are imposed by India

India suddenly imposed trading restrictions on up to 162 shell companies. The given shocking move is considered to be a part of an intense crackdown on tax evasion as well as illegal offshore transfers.

Monday’s announcement by the Securities Exchange Board of India didn’t clarify what illegal activities the companies might have been involved in.

The restrictions suggest restricting trading in the affected companies to once a month as well as curbs in the trading of equities held by the promoters, not to mention the directors of the companies.

India’s government has been chasing companies it actually suspects of engaging in illegal transactions after the previous year’s ban on high-value currency bills, including evading taxes and "black money."

Some financial experts told these restrictions had taken market participants by surprise.

Financial experts stress that if these companies have been really practicing money-laundering, then severe penal action should be taken. On the contrary, If not, they should be immediately excluded from the list.

 

Similar

British inflation edges up 2.4%

In June, inflation in Great Britain tacked on at a slower than anticipated tempo, thus contributing to the major bank’s dilemma as it considers whether to have interest rates lifted next month or not…

Popular

Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera