Financial Daily from THE HINDU group of publications
Tuesday, Oct 25, 2005
Financial Daily from THE HINDU group of publications Tuesday, Oct 25, 2005 |
|
|
|
|
|
|
|
Markets
-
Stock Exchanges CSE trading volumes dwindle after SEBI move Our Bureau
Kolkata , Oct. 24 A FEW weeks after SEBI banned half a dozen companies and suspended a number of brokers, trading volumes on the Calcutta Stock Exchange are ebbing at a record low. Transaction highlights provided by the exchange for Monday (October 24) indicate that merely 17 counters were traded, accounting for 104 trades in all. The turnover was only Rs 2.06 crore. The odd lot window recorded trading in a single stock, resulting in a higher turnover of about Rs 16.48 lakh. The SEBI order has effectively driven out the main architects of volumes on Lyons Range, sources said, adding the companies that have been left out are yet to come up satisfactorily on this front. At any rate, these include such virtual unknowns such as Niharika India and Poonam Pharma. Some of the other companies that have logged comparatively higher turnover are the better-known Tata Power and Rallis India. The situation is a fallout of regulatory action, banning companies and stopping 11 members from dealing in securities, directly or indirectly, sources mention. Transactions in the six companies - Prime Capital Market, Subh Laxmi Projects, Global Capital Market, Bankam Investments, ST Services and Amluckie Investment - will remain suspended till further orders. A SEBI probe had held that the brokers in question had followed a "common modus operandi" of unnaturally inflating prices and generating artificial volumes through a series of self deals executed on the same terminal and cross deals among themselves. The transactions helped the brokers enrich themselves and legitimise their gains, the regulator stated, adding that the companies concerned have logged poor financial performance. CSE member censured
SEBI has censured CSE member Vishal J. Shah & Co for its earlier involvement in the DSQ Industries stock; according to its recent order, a "minor penalty of `censure'" has been imposed. It was alleged that on certain days during April 2001, CSE recorded large volumes in DSQ, following cross deals by the broker between Greenfield Holdings (the seller) and Hulda Properties (the buyer). Hulda has been identified as a promoter group entity of DSQ Industries. A probe indicated that there were created artificial volumes and prices in an otherwise illiquid stock.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
