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April 20, 2001
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Money > Business Headlines > Report April 20, 2001 |
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Sebi may turn up the heat on errant brokersBS Bureau The Securities and Exchange Board of India may take further punitive action against a number of broking firms for manipulation of the markets, in addition to the three entities and their group firms barred from the markets from Thursday. This was the beginning of bookings by the market regulator. Sebi officials said they were scrutinising trading details of a number of other brokers, and similar action might be taken against others. A top-level Sebi official said, "We have decided to bar Credit Suisse First Boston, First Global, Nirmal Bang and their group firms from operating on the markets as brokers. We have informed all the stock exchanges about the decision, and asked them to ensure that they do not continue to operate." Explaining the grounds for the decision to bar the three entities and their group firms, Sebi sources said, "These firms have been booked for various reasons, but to generalise, they have been found guilty of manipulating the market to the detriment of investors' interest." The market regulator has also indicated that the three defaulters of the Calcutta Stock Exchange -- Dinesh Singhania, Harish Chandra Biyani, Ashok Poddar and their group firms, might be barred from operating on Indian capital markets in any capacity. Sebi chairman D R Mehta had earlier said, "The three CSE defaulters had sought to destroy the entire system. Sebi would ensure that they do not get another opportunity to repeat the mischief." Meanwhile, the National Stock Exchange has asked its members to disclose whether Ketan Parekh or his close associates held any share in their firms. This notice is understood to have been issued on the instruction of the market regulator. A similar notice had earlier been issued by the National Securities Depository Ltd to all depository participants seeking to know whether Parekh or the three CSE defaulters had any equity stake in the DPs.
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