MUMBAI, JULY 2: Securities and Exchange Board of India (SEBI) has debarred Mukat Shares & Stock Brokers and its directors Dimple Shah and Hitesh Kamdar, Vijay M Gandhi and Atul C Doshi from dealing in the securities market for a period of five years for price rigging and creating artificial market in Amit International.The company had come out with a public issue at a premium of Rs 15 per share which opened for subscription on September 29, 1995. The shares were listed on December 18, 1995 at Rs 35 and moved up to Rs 290 in just 30 trading sessions. The scrip also attracted high volumes.
Sebi conducted an investigation into the matter and concluded that these members were responsible for creating an artificial market an abnormal price rise.
Meanwhile, Sebi has suspended the registration of Pal Jain and Pawan J Chowdhary both members of BSE and Darla `N' Darla, member of MSE for rigging the price of Paro Leasing & Finance. Paro Leasing & Finance a scrip listed on the BSE and the MSE and other exchangeshad witnessed an a price rise from Rs 10 to Rs 90 and an abnormal volumes in the period between September to October 1995.
Sebi had conducted a detailed investigations and concluded that an artificial price rise and false market had been created in the scrip, by Tatia Finance & Leasing and other connected person. The market watchdog has already launched prosecution against these persons.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
