Sebi bars Angel Broking from acquiring new clients for two weeks

Angel Broking was allegedly engaged in circular trades in the shares of Sun Infoways Ltd in 2001
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First Published: Thu, Jan 31 2013. 12 54 AM IST
Sebi headquarters building in Mumbai. Photo: Abhijit Bhatlekar/Mint
Sebi headquarters building in Mumbai. Photo: Abhijit Bhatlekar/Mint
Mumbai: The Securities and Exchange Board of India or Sebi on Tuesday restrained Angel Broking Ltd from taking up any new clients for a period of two weeks for allegedly engaging in circular trades in the shares of Sun Infoways Ltd in 2001.
The order, which will come into effect after 21 days, said certain trades were executed in a synchronized manner with the intention that the orders of a particular entity were matched with the other.
According to Sebi, the circular trading in the share had generated 26% to 97% of the daily volumes on the days when such trading was observed, which had resulted in an increase in the price of the stock of Sun Infoways. Following Sebi’s investigation, the volume of trades in the stock became negligible and its the price also started declining, said the Sebi order.
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First Published: Thu, Jan 31 2013. 12 54 AM IST
More Topics: sebi | Angel Broking | clients | Sun Infoways |
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