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April 12, 2001
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Money > Business Headlines > Report April 12, 2001 |
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Sebi in a fix as BSE, NSE file 'sketchy' reports in Amara Raja caseBS Markets Bureau Both the Bombay Stock Exchange and National Stock Exchange have submitted fairly weak reports to the Securities and Exchange Board of India on the Amara Raja price rigging case leaving the regulator in a quandary as to how to proceed in this matter. According to sources, both the reports have been sketchily done and just give indications that a false market is being created in the scrip. Sources in the exchange said that a more in-depth investigation would have to be undertaken if they wanted to find out the details of the price rigging. There is no mention in either of the reports about Cyberspace as earlier indications were that a common pool of brokers had been acting in both the scrips. Sources said that with the sketchy details available in the reports it would be difficult to penalise anyone. It is expected that Sebi will give the green signal to NSE to effect the payout in the case of the scrip, which has been frozen pending the probe in price rigging. Incidentally, a lot of investors have been hurt by the price rigging in Amara Raja as well as Cyberspace. In the case of the latter, Sebi took action last week when it banned the directors and promoters of Century Consultants and Cyberspace from further trading. Two operators Jugal Kishore Barasia and Shashikant Badami were found to be acting in concert with Shailesh Bajaj in rigging up the price of the scrip. Powered by ALSO READ:
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