Country’s largest bank SBI today said it has voluntarily delisted its equity shares from the now non-functional Madras Stock Exchange (MSEL).
State Bank of India has submitted a copy of the letter issued by MSEL, informing the removal of the name of the bank from Listed Securities of the bourse, according to a BSE filing by the bank.
“We (Madras Stock Exchange) write to inform you that the admission granted to dealings on the Exchange for the equity shares of your company has been withdrawn and the name of your company will be removed from the list of listed securities of the Exchange with effect from March 27, 2015,” said the letter from MSEL.
MSEL became non-operational last year following directions from SEBI to exit business on failing to garner required revenue.
As per SEBI directives, regional stock exchanges should generate annual turnover of Rs. 1,000 crore and have a networth of Rs. 100 crore.
If the exchanges failed to generate such amount of turnover and networth, they would consider exiting from trading options.
One of the oldest stock exchanges in the country, MSEL was set up as the first bourse in South India in 1937.
