Dubai regulator suspends Man Industries securities

DUBAI: The Dubai Financial Services Authority ( DFSA) has suspended the securities of Man Industries (India) Limited from its official list.

"The DFSA hereby notifies the market that it has suspended the Securities of Man Industries (India) Limited from the Official List of Securities of the DFSA under Article 35 (1) of the Markets Law 2012," the Dubai regulator said in a statement.

No reason for the suspension has been given. The suspension has taken effect from yesterday and will remain in place until further notice, it added.

Global Depository Receipts (GDRs) of the company were admitted in the Nasdaq Dubai bourse on March 24, 2006.

The Rs 1,750-crore Man Industries (India) is into manufacture of pipes for the oil & gas sector.