Mumbai: The Securities and Exchange Board of India (Sebi) on Thursday revoked a ban on Milestone Shares and Stock Broking Pvt. Ltd from accessing the capital market. The ban was imposed in August for alleged unfair trading in shares of Pipavav Defence and Offshore Engineering Ltd, Parsvnath Developers Ltd, Tulip Telecom Ltd and Glodyne Technoserve Ltd.
After noticing an unusual downward movement in the prices of stocks of the four companies on 26 July, Sebi had passed an interim order that restrained Milestone from dealing in the securities market. While a regulatory probe is still on, Sebi’s whole-time member, Rajeev Kumar Agarwal, lifted the ban on Milestone.
“….the noticee (Milestone) is able to make out a prima facie case in its favour at this stage…The facts and circumstances of the case relating to the noticee do not suggest any emergent or urgent reasons to continue with the directions issued against the noticee vide the ad interim order at this stage. I am, therefore, of the considered view that the directions issued against the noticee vide the ad interim order need not continue in the matter,” Agarwal said in the order.