Mumbai: National Securities Depository Ltd (NSDL) has frozen all depository transfers of Oil and Natural Gas Corporation (ONGC) shares, which were traded after 10.30 AM today (Mar 29, 2004).

The halt came after the registrar to the issue, MCS, informed NSDL that it had over-allotted ONGC shares by mistake, mainly in the high net-worth investor category, NSDL Managing Director C B Bhave said in Mumbai.

Bhave confirmed that some error has taken place and NSDL was trying to correct the situation, adding nearly four lakh wrong allotment of shares was made by the registrar.

"We are trying to reverse all the entries made today and the process is expected to be completed today," he said.

NSDL has informed Securities and Exchange Board of India (SEBI) regarding the mistake, he said.

The dates for the new allotments have to be decided by the registrar and the Government.

As tomorrow (Mar 30) is a holiday due to Ram Navami, NSDL expects the T+2 settlement on this issue to take place only on Wednesday (Mar 31).