In its weekly update, Brightcom Group shared that the National Stock Exchange (NSE) has completed its site visit and is awaiting more clarity from the Bombay Stock Exchange (BSE).
“Brightcom Group continues to actively engage with the exchanges and we are doing our utmost to expedite the process,” the weekly update stated. The statement also added that it is proactively engaging with the BSE to resolve any concerns they may have and that all major submissions and mandated actions have been completed.
Earlier this year, the Brightcom Group had mentioned that its trading suspension will be revoked by the end of January, a shift from the earlier timeline of December 14 last year.
This was the first weekly update shared by the Brightcom Group after a few weeks. The company stated that it is navigating a complex compliance and restructuring phase, which temporarily affected their schedule.
Brightcom Group’s shares were suspended from regular trading in June last year for failure to comply with the NSE master circular.
The Hyderabad-headquartered company has been under SEBI’s radar for the past two years. The company is being monitored by SEBI for violations of listing regulations, hiding information, and several other regulations.
At the end of the December quarter, the Brightcom Group had 6.26 lakh retail shareholders, or those with an authorised share capital of up to ₹2 lakh. These investors hold a 43.42% stake in the company.
Two Vanguard Funds, along with the LGOF Global Opportunities Fund, also cumulatively hold over 5% stake in the company.
The stock only trades currently in the “Z” category or in the Trade-for-Trade segment, where trading only takes place during the first trading day of the week.
