MUMBAI: Savvy investors are lapping up shares of companies that are listed on the now defunct? bourses such as the Delhi Stock Exchange, Ahmedabad Stock exchange, Cochin Stock Exchange and Madras Stock Exchange?. The recent listing of Aspinwall & Co, a Kochi-based logistics company on the NSE at Rs 175, has triggered a lot of activity in stocks of profit-making companies listed on defunct exchanges, and are likely to move to the NSE/BSE soon. "Listing on one of the two big exchanges provides liquidity to the stock. Moreover, when an investor sells, long term capital gains tax if sold on the exchange after a year is nil," said Sandeep Ginodia, director, Altius Investech, a Kolkata-based broker dealing in unlisted shares. Aspinwall, a profit-making company, was listed on the Cochin Stock Exchange. Since the exchange became defunct, Aspinwall was referred to the dissemination board of NSE and it subsequently got listed there, where smart investors made a killing. Before it got listed on the NSE, Aspinwall was trading in the range of Rs 90-100, but shot up to Rs 175 on its listing on the NSE and subsequently to Rs 210. The bumper profits made by investors in Aspinwell have generated huge interest in similar stocks, which could soon be listed on the bigger bourses. In the past couple of years, market regulator Sebi has granted exits to about 15 stock exchanges which became redundant after electronic national exchanges such as the National Stock Exchange and Bombay Stock Exchange caught the imagination of investors. Since these exchanges...