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Sebi asks Indiabulls, 14 other brokers to desist from ‘non-genuine’ deals

Sebi asks Indiabulls, 14 other brokers to desist from ‘non-genuine’ deals
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First Published: Tue, Jun 19 2007. 08 39 PM IST
Updated: Tue, Jun 19 2007. 08 39 PM IST
Mumbai: Stock market regulator, Securities and Exchanges Board of India (Sebi) on 19 June said it had found synchronised deals by brokers in the derivatives segment on the National Stock Exchange’s which were false and misleading.
Following the revelation of some “non-genuine” transactions, the regulator has asked 15 brokers and 10 other entities not to indulge in distortion of the derivatives market.
“The entities/brokers have indulged in non-genuine transactions to create false and misleading appearance of trading,” Sebi said in an order The regulator said it had analysed transactions for the period between January to March 2007.
Other than Indiabulls Securities Ltd, the 14 other brokers against whom Sebi passed the order include Kumar Share Brokers, CPR Capital Services, SMC Global Securities, Khandelwal Services, Shilpa Stock Brokers, Angel Capital and Debt Market, Vibrant Securities, Systematix Shares and Stocks, Steel City Securities, Ashika Stock Broking, Prashant Jayantilal Patel, PSJ securities, Pratibhuti Vinihit and Manu Stock Broking.
The ten entities which were asked to cease and desist from indulging in futures and options trading are Rakhi Trading, Kasam Holding, Tungarli Tradeplace, Manu Vyapar, Raj Corporation, TLB Securities, Amar Mukeshbhai Shah, Shah Chirag Kirtikumar, Amit Business and Suresh Bharrat.
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First Published: Tue, Jun 19 2007. 08 39 PM IST
More Topics: Sebi | Indiabulls | Money Matters | Equities |