Midcap crash probe: SEBI bars 19 entities

August 03, 2012 11:38 pm | Updated 11:38 pm IST - CHENNAI:

The Securities and Exchange Board of India (SEBI) has restrained 19 entities from accessing the securities market, and barred them from buying, selling and dealing in securities until further order.

The market regulator has also directed the stock exchanges and depositories to ensure that its order is complied with.

The market regulator's move follows investigation into downward movement in prices of certain scrips – Pipavav Defence and Offshore Engineering, Pasvanth Developers, Tulip Telecom and Glodyne Technoserve – on July 26. The downward movement in these shares, SEBI found, was inexplicable. There was no disclosure of any corporate announcement /price sensitive information by these companies.

The banned outfits

The entities include 4a Financials Securities, A To Z Steels, Ajit Kumar Jain, Cheminare Trade Comm, G N Credits, Gajria Jayna Precision Industries, Kuvam Plast Pvt Ltd, Littlestar Vanijya Pvt Ltd, Manish Agarwal, Milestone Shares & Stock Broking Pvt Ltd., Neelanchal Mercantile Pvt. Ltd., North Eastern Publishing & Advertising Co, Passions System Solution, Premium Hospitality Services, Ramkripa Securities, Umang Nemani, Venus Infosoft, White Horse Trading Co and Yashika Holding Pvt. Ltd.

Time for appeal

These entities/persons can file their objections, if any, within 21 days from the date of this order, if they so desire, avail themselves of an opportunity of personal hearing before the market regulator, SEBI said in the order.

This order shall come into force with immediate effect, says a release from SEBI.

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