SEBI bars 11 brokers

MUMBAI: In a major crackdown on manipulation in penny stocks, Securities and Exchange Board of India (SEBI) has barred 11 stock brokers of the Calcutta Stock Exchange from dealing in securities on the charge of jacking up prices and creating false volumes through continuous self deals.

The brokers include Sanju Kabra, Shivam Stock Broking Pvt. Ltd, D.B. & Co, Rajendra Prasad Shah, Badri Prasad & Sons, M. Bhiwaniwala & Co, Ram Mohan Sarda, A.V. Shares & Stock Brokers Pvt. Ltd, Shyam Lal Sultania, Ahilya Commercial Pvt. Ltd and S. Jhunjhunwala & Co, the market regulator said in a release here.

The order was passed for artificially jacking up the prices of the six companies, Prime Capital Market Ltd, Subh Laxmi Projects Ltd, Global Capital Market Ltd, Bankam Investments Ltd, S.T. Services Ltd and Amluckie Investment Co. — PTI

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