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Monday, February 22, 2010

Sebi cracks the whip on price rigging

The Securities and Exchange Board of India (Sebi) has barred 16 entities from trading in the stock market after finding them guilty of synchronised trading in stocks like Allcargo Global Logistics, Asian Star, KSL & Industries, Mavens Biotech, Panoramic Universal and Ushdev International among others. The market regualator has directed the stock exchanges to square off any open positions of the barred entities.

The 16 entities that have been restrained from accessing the stock market are: Hemlata Ramesh Hankare, Rashmi R Ghandhi, Anil Rajmal shah (HUF), Alpesh R Shah (HUF), Jitendra Mannalal Jain, Renu Madhusudhan Paliwal, Hasmukh Valchand Jain (HUF), Naresh V Rajawat (HUF), Pawanben Valchand Jain, Reeta Naresh Rajawat, Kunal Dileep Kothari, Sweta Bharat Kothari, Neela Khicha, Shobha Dilip Kothari, Hitesh Mahendra Jain and Kamlesh P Jain (HUF).

The Sebi order has noted in its order that "the buy and sell volumes of the group were almost identical. This indicates that the group had no intention to accumulate stock or sell its existing holdings... The group had indulged in creation of artificial volume by trading among themselves...

Most of the trades among the group were synchronised".Further, the market regulator would also examine the trading systems of two stock brokers - India Capital Markets and Emkay Global Financial Services. "Their systems to generate alerts on such clients and trading behaviour would be examined in the course of investigation which is underway," the Sebi order said.The order shall come into force with immediate effect.

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