Sebi bars 7 firms from accessing securities market

Sebi bars 7 firms from accessing securities market

Mumbai: Market regulator Securities and Exchange Board of India (Sebi) on Wednesday restrained six Gujarat-based companies and one entity from Maharashtra from dealing in securities market after they failed to redress investors’ grievances.

These companies are -- Ishwar Medical Services, Neon Resins and Industries, Indo American Optics, Bhuvan Tripura Industries, Akar Laminators, Chicago Software Industries and Hindustan Industrial Chemicals, Sebi said in separate orders.

Besides, with the exception of Ishwar Medical Services, even few directors of these companies have been prohibited by the market regulator from dealing in markets.

There was 143 investor grievances pending unresolved by Ishwar Medical Services Limited as on 24 September 2008, the market regulator said.

Similarly, Sebi received many investors’ complaint against Neon Resins and Industries Limited.

“(Sebi hereby restrain the company, Neon Resins & Industries Limited and its directors – Shekar Jain, Rashmi Oza, Harish Agarwal, Sanjay Jain, Sandeep Mittal, VS Rathore and GP Sureka – from accessing the securities market and prohibit them from buying, selling or otherwise dealing in securities," the market regulator said.

Sebi also restrained Indo American Optics Ltd and its directors-Yashwantrai Dhirubhai Desai and Beena Amit Shah – from accessing the securities market and further prohibit them from buying, selling or otherwise dealing in the securities.

The market regulator also prohibited Bhuvan Tripura Industries Limited and its director, Vaishnav Tribhuvan Nayankumar, from accessing the securities market.

Akar Laminators Limited and its directors – Hitesh Ravindra Shah, Vinodbhai Tarachand Sheth and Hasmukhbhai Tarachand Sheth – were also restrained from accessing the securities market.

Besides, Chicago Software Industries and its directors-- Aravindbhai V Shah, Manjulaben D Desai, Dhirubhai R Desai – were barred from accessing the securities market, and Hindustan Industrial Chemicals Limited and its directors – G. W. Cockbill, Bhagubai Patel – were also prohibited by the market regulator from accessing the securities market.

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