SAT directs Sebi to pass orders on 2 entities

The Securities Appellate Tribunal (SAT) today directed Sebi to pass final orders by September

RELATED ARTICLES

20 on Basmati Securities and Alka India in a case related to capital market manipulation using Global Depository Receipts (GDR) issues.

In two separate orders, SAT said market regulator Sebi should pass final order on or before September 20, 2014 on Basmati Securities and Alka India.

The Securities and Exchange Board of India, through an interim order in September 2011, had banned various entities including Basmati Securities and Alka India from dealing in the market for their role in stock price manipulation using the GDR route.

The regulator had barred Alka India from accessing the capital market for acting as a 'counterparty to the sell transactions of the FIIs' and thereby being a part of the market manipulation.

Sebi, through a confirmatory order passed in April 2012, had restrained Basmati Securities from dealing in securities in any manner whatsoever until further orders, while the regulator modified its order to the extent that Alka India was allowed to sell its securities held in dematerialised accounts.

The regulator had found that certain FIIs/Sub-Accounts were converting the GDRs - financial instrument used for raising capital overseas - into equity shares and selling them in the Indian market.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • India would have done well not to supress the 'Bofors interview'

    Bofors is one case that refuses to go away two-and-half decades after it grabbed public attention and became a byword for political corruption, claimi

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Varun Dutt

THE BLAME GAME

In decision-making, the fundamental attribution error (FAE), also known as ...

Zehra Naqvi

Dignity of labour is dignity of life

M Rafi Khan, a retired police IG, used to ...

Gautam Gupta

Retailers have it tough, thanks to e-commerce

For the past few months our focus has been on ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture