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Money > PTI > Report April 19, 2001 |
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Sebi bars First Global, Bang & CSFB from tradingSecurities and Exchange Board of India has barred three entities and their investment firms belonging to Shankar Sharma's First Global, top broker Nirmal Bang and the broking arm of Credit Suisse First Boston (CSFB) from undertaking broking business till further orders. The capital market regulator conveyed its decision on Thursday to the Bombay Stock Exchange and to the nine firms of these three entities not to undertake any fresh orders under section 11 of the SEBI Act, which empowers it to take action in the interest of market integrity and the investors. All the three entitites have been named in the interim report on alleged market manipulation in the March 2 crash, which has been submitted to Finance Minister Yashwant Sinha, SEBI sources said. This is the first time that the regulator has taken action against a foreign broker, Credit Suisse. First Global, which has a stake in Tehelka.com, has three investment firms -- First Global Stock Broking Pvt Ltd, First Global Finance Pvt Ltd and Vrudhi Confin Invest Pvt Ltd. The outfits of Nirmal Bang are Vama Securities, Nirmal Bang Securities Pvt Ltd, Bang Equity Broking Pvt Ltd, Bang Securities Pvt Ltd and Nadi Finance and Investment Pvt Ltd while CSFB India Security Pvt Ltd belongs to Credit Suisse. These entities would now be heard by the SEBI chairman D R Mehta before passing the final orders. Earlier on March 12, Sebi had barred four firms of former BSE president Anand Rathi, from acting as a broker till further order. These firms are Anand Rathi Securities Pvt Ltd, Navratan Capital and Securities Pvt Ltd, Rathi Global Finance Ltd and Rathi Capital Securities Pvt Ltd. Similarily, on April 5, the regulator barred Ketan Parekh's broking and merchant banking entities -Triumph Securities, Triumph International, N H Securities and Classic Share and Stock Ltd -- from doing fresh transactions following allegations of price manipulations in various scrips, including his favourite ICE stocks. YOU MAY ALSO WANT TO SEE:
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