Financial Daily from THE HINDU group of publications
Friday, Aug 29, 2003
Financial Daily from THE HINDU group of publications Friday, Aug 29, 2003 |
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Mutual Funds Markets - Economic Offences Samir Arora appears before SEBI for hearing Our Bureau
Mumbai , Aug 28 MR Samir Arora, former chief investment officer of Alliance Mutual Fund, barred from dealing in securities for alleged insider trading, today appeared for a personal hearing before the Securities and Exchange Board of India (SEBI). In today's hearing, Mr Arora, appeared along with his counsel, Mr Aspi Chenoy, before SEBI's whole time board member, Mr T.M. Nagarajan. The closed-door hearing lasted for around two hours. ``No future date has been given for hearing as of now,'' Mr Chenoy told newspersons. Mr Arora refused to speak to reporters after the hearing. Early this month, the market regulator had barred Mr Arora from dealing in securities, directly or indirectly, till further orders for alleged insider trading and non-disclosures of investments. SEBI, in its interim order, had said there is a prima-facie case of insider trading by Mr Arora. eing the fund manager at Alliance Mutual Fund and FIIs/sub-accounts of US-based Alliance Capital Management (ACM) Mr Arora was responsible for the alleged non-disclosures and wrong disclosures under SEBI's regulations. Apart from this, Mr Arora's arrangement with Henderson Global Investors for the purchase of the stake of ACM in Alliance Mutual Fund was in conflict with his interest as a fund manager, it said.
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