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Scrip manipulation in Amara Raja: borker suspended

MUMBAI JULY 16. The Securities and Exchange Board of India has suspended the certificate of registration of a sub-broker Kanan Securities for one month for involvement in manipulating the scrip of Amara Raja Batteries between August 2000 and March 31, 2001.

The SEBI said the enquiry officer, who probed the affairs of Kanan Securities, found the sub-broker guilty of violating provisions of SEBI (stock brokers and sub-brokers) Regulations, 1992 and Prohibition of Fraudulent and Unfair Trade Practices relating to the securities market, a SEBI release said here today. The order is effective from July 15. The regulator said Kanan Securities is a sub-broker to a National Stock Exchange member, Shreepati Holdings and Finance. The sub-broking firm failed to appear before the SEBI Chairman, who, after considering the facts and submissions, found it guilty and suspended the certificate of registration. — PTI

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