Date : Jan-02-2009
The Securities and Exchange Board of India has barred a few investors for three years from trading in securities, directly or indirectly, in a case of alleged price rigging of shares of Nissan Copper. The investors those are barred are led by Yogesh Mafatlal Bhansali. Along with this, SEBI also directed impounding profits to the tune of Rs 41.61 lakh made by these investors in those transactions.
SEBI said that in the Nissan Copper IPO, these investors made multiple applications for shares under the retail category.
"They made applications with different combinations of first, middle and last names, compounded with combinations of addresses to create a maze to escape weeding out of multiple applications. They indicated false PAN in some applications. They used the same PAN in different applications," Sebi said, in an order on Wednesday.
It added "On noticing abnormal price movements on listing of the said shares on December 29, 2006, SEBI advised the stock exchanges to withhold the pay-out of securities and funds for 15 days in respect of trades in the shares of NCL executed on December 29, 2006 and January 2, 2007," it added.
The Securities and Exchange Board of India has barred a few investors for three years from trading in securities, directly or indirectly, in a case of alleged price rigging of shares of Nissan Copper. The investors those are barred are led by Yogesh Mafatlal Bhansali. Along with this, SEBI also directed impounding profits to the tune of Rs 41.61 lakh made by these investors in those transactions.
SEBI said that in the Nissan Copper IPO, these investors made multiple applications for shares under the retail category.
"They made applications with different combinations of first, middle and last names, compounded with combinations of addresses to create a maze to escape weeding out of multiple applications. They indicated false PAN in some applications. They used the same PAN in different applications," Sebi said, in an order on Wednesday.
It added "On noticing abnormal price movements on listing of the said shares on December 29, 2006, SEBI advised the stock exchanges to withhold the pay-out of securities and funds for 15 days in respect of trades in the shares of NCL executed on December 29, 2006 and January 2, 2007," it added.
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