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Our Bureau

Kolkata , Nov. 8

The Securities and Exchange Board of India (SEBI) has arrived at key conclusions in the matter of dealings in shares by Mr Mathew Easow, associated with Mathew Easow Securities Research Ltd. These follow the regulator's recent decision to impose a fine of Rs 20 lakh, purportedly for taking a trading position opposite to what was recommended to investors.

SEBI had earlier this year directed Mathew Easow to desist from making any recommendations about any investment in the securities market in the media. The latest order refers to a reply that was filed and a personal hearing that was granted.

SEBI also referred to "certain recommendations" made by Mathew Easow and to trade data (gathered from exchanges), which pointed to dealings in shares of Kalpana Industries, CESC, Ahlcon Parenteral and Albert David through his associate companies. The regulator held that subsequent trading behaviour of such associated companies (after making the recommendation) in the four scrips clearly came within the prohibitive ambit of relevant regulations.

Mr Mathew Easow, a person dealing in securities, had published information to the public, which he did not believe to be true in the course of dealing in securities, it was added.

The recently imposed penalty, the order passed by Mr G. Anantharaman, Whole-Time Member, SEBI, has observed, is expected to act as a deterrent.

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