Business Daily from THE HINDU group of publications
Tuesday, Jan 23, 2007
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Business Daily from THE HINDU group of publications Tuesday, Jan 23, 2007 ePaper |
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Markets
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Regulatory Bodies & Rulings Our Bureau
The market regulator has also directed Mr Anirudh Sethi and his business name SMN to cease and desist from acting as an unregistered portfolio manager until they are registered with SEBI under the proper regulations. The order came following an investigation conducted by SEBI during the period between October 9 and December 7, 2006. Under the name of "Stock Market Navigator", Mr Sethi has been advertising in the stock quotation section of financial dailies. His numerous recommendations include Tamilnadu Petroproducts, SKS Ship, Synergy Log-In, HFCL, Indiabulls Financial, Supreme Petrochem, Dhanalakshmi Bank and CESC. The investigation alleges that Mr Sethi has made price sensitive announcements - viz. future plans of the companies, bonus etc, which, on verification by the exchanges with the company concerned, were either found to be denied by the company or the company had not made any announcement to that effect to the exchange. According to an order by Mr G. Anantharaman, Whole-Time Member, "the print and electronic media has a wide reach; therefore, they have a responsibility cast on them for exercising due care and diligence to ensure that such persons do not misuse the power and credibility of media for illegal pecuniary gains." Meanwhile, SEBI also upheld the enquiry officer's order banning Mr Shyam Sundar Dalmia, CSE broker, for five months for his alleged violation in dealing with Ranbaxy stock during January-October 1999, when the Ranbaxy stock prices spurted from Rs 270 to Rs 1,200. Dismissing the broker's appeal, Mr V.K. Chopra, Whole-Time Director, in an order said: "Keeping in view of all facts and circumstances of the case as also submissions of the broker, I am of the view that a penalty of `censure' is sufficient to meet the ends of justice."
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