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Sebi bars founders of 4 firms

Sebi bars founders of 4 firms
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First Published: Thu, Dec 02 2010. 07 47 PM IST
Updated: Thu, Dec 02 2010. 07 47 PM IST
Mumbai: The markets regulator Securities and Exchange Board of India (Sebi) said on Thursday it has barred founders and related entities of four firms from trading on the stock exchanges as these firms had indulged in “fraudulent and unfair” trade practices.
The founders of Murli Industries, Ackruti City Ltd, Welspun Corp and Brushman India have been directed not to deal in any securities of their group companies, it said.
The Sebi also prohibited businessman Sanjay Dangi and his group entities from dealing in any securities on charges of manipulation of share prices.
The regulator said that all four firms had raised funds through a qualified institutional placement (QIP) or foreign currency convertible bonds (FCCBs) during 2007-2009 and the Dangi group was observed to be trading substantially in the shares of these firms around the same period.
The Sebi also asked the stock exchanges to enable closing off any open positions in the futures and options segment and directed that these firms should not take any fresh positions.
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First Published: Thu, Dec 02 2010. 07 47 PM IST