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Sebi bans Patni Shares from trading in capital market for 2 years

Sebi bans Patni Shares from trading in capital market for 2 years
PTI
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First Published: Wed, Jul 11 2007. 07 39 PM IST
Updated: Wed, Jul 11 2007. 07 39 PM IST
Mumbai: Market regulator Securities and Exchange Board of India (Sebi) prohibited Patni Shares and Derivatives and its two managers from dealing in securities market for a period of two years.
The regulator on 11 July issued the ban orders against Patni Shares and its managers Ashish Patni and Ujwal Patni for acting as unregistered sub-broker in contravention of the Sebi regulations.
The regulator passed the order on a complaint filed by Sarju Prasad Mandal, who alleged that he did not receive any payments from Patni Shares nor his accounts were settled by the stock broking firm. Mandal had traded in F&O and Cash Segment through Patni Shares, a franchise of Apollo Singhoori Capital Investment.
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First Published: Wed, Jul 11 2007. 07 39 PM IST