MUMBAI: SEBI has banned over 350 entities, including promoters of Alka Securities Ltd (ASL), from trading in securities with immediate effect on charges of manipulation of price and in the volume of shares traded of the stock- broking firm.
The market regulator has directed the National Securities Depository Ltd and the Central Depository Services (India) Ltd to freeze the beneficial owner accounts of the entities in the case of ASL.
The banned entities include ASL promoters Alka Pandey, Ravi Pandey, Mahesh Natvarlal Kothari, Anjuben Kothari, Brijesh Kothari, Dimple Kothari, Mahendra Pandey and Mayuresh Estate Agent.
In its preliminary findings, SEBI said the promoters used the off-market route to transfer the shares of the company to first level entities -- 42 in total -- which had either dealt in these shares on the Bombay Stock Exchange or transferred them to seco nd level entities -- 317 in all -- through the off-market route.
The second level entities had in turn dealt in the said shares at BSE, it said. Besides the ban on the promoters, first level and second level entities, SEBI in its interim order has directed BSE to inspect the stock brokers such as ICICI Securities, An and Rathi Financial and Motilal Oswal involved in the trade of ASL shares to ascertain the level of due diligence exercised by them. - PTI
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