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April 14, 2001
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Money > Business Headlines > Report April 14, 2001 |
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Sebi probing Ketan Parekh's stake in DPsAniek Paul The Securities and Exchange Board of India is investigating whether Ketan Parekh and the three key defaulters of the Calcutta Stock Exchange- Dinesh Singhania, Ashok Poddar and Harish Chandra Biyani- had equity holding in any depository participants. Sebi had written to the National Securities Depository Ltd, the country's leading depository, which has asked its participants whether any of the CSE defaulters or Parekh had equity stake in the firms. Sebi chairman DR Mehta had said that the CSE defaulters would be barred from entering the capital markets either as a broker or an intermediary. The move is aimed at determining whether they are still operating on the markets, even if indirectly, as DPs. Identification of the DPs, where these operators had equity holdings, could also help the regulator trace the movement of their stocks, as also determine whether they had used shares under the custody of DPs to manipulate the market, sources said. Top Sebi officials, however, refused to divulge details. "It must have been a decision of the investigating team, about which I do not know much," the Sebi chairman said. The move, however, has raised some eyebrows, as the two depositories- NSDL and Central Depository Services Ltd- are required to have details of DPs' shareholding. The depositories, sources said, should have been able to furnish the details without seeking information from the DPs again. In Calcutta, a DP promoter, who was also a broker, was arrested following disclosures that stocks held in accounts of clients were used in the market. Sources in a private bank in Calcutta offering depository services had admitted to having faced with a claim that shares were taken out of a client's account without his instruction. The bank, however, defended its position by saying that the aggrieved client must have had signed blank delivery instruction forms and deposited them with his broker for convenience of trading. "The broker may have misused it," a top-level official of the bank explained. Powered by ALSO READ:
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