Financial Daily from THE HINDU group of publications
Monday, Mar 29, 2004
Financial Daily from THE HINDU group of publications Monday, Mar 29, 2004 |
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Economic Offences Markets - Regulatory Bodies & Rulings Synchronous trades in GTB — SEBI completes probe into ICICI Brokerage role Dinesh Narayanan
Mumbai , March 28 THE Securities and Exchange Board of India (SEBI) is expected to pass orders very soon on the investigations into the role of ICICI Brokerage Services Ltd (IBSL) with regard to certain synchronous trades in the shares of Global Trust Bank in association with Ketan Parekh and associates in early 2000, it is reliably learnt. A SEBI enquiry officer has found that IBSL was a party to synchronised trades on the NSE and BSE involving one crore GTB shares in April 2000. The regulator had since issued a show-cause notice to IBSL, a subsidiary of ICICI Securities Ltd, asking why it should not be suspended for four months as penalty. According to SEBI, Asian Development Bank, a major shareholder of GTB, sold its entire holding of one crore shares of the Hyderabad-based bank at Rs 83 per share through IBSL. About 85 lakh of those shares were purchased by entities linked to Ketan Parekh. SEBI has charged IBSL with helping Ketan Parekh manipulate the share price of GTB. IBSL has, however, contended that it was merely acting as an agent of ADB. ICICI Brokerage denied all allegations and findings of the enquiry officer in a reply dated February 23 to the SEBI show-cause notice of February 5. In the offer document for its forthcoming mega public issue, ICICI Bank mentions the issue as agency business done by IBSL on behalf of one of its clients. It further reveals that IBSL has asked for an urgent personal hearing before SEBI. When contacted, an ICICI spokesman told Business Line that the company has no comments to offer.
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