Warrants can be (i) detachable, and (ii) non-detachable. A detachable warrant can be sold separately in the sense that the holder can continue to retain the instrument to which the warrant was tied and at the same time sell it to take advantage of price increases. Separate sale independent of the instrument is not possible in case of non-detachable warrants. The detachable warrants are listed independently for stock exchange trading hut non-detachable warrants are not.

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