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Kolkata April 5 Mr G. Anantharaman, whole-time member of SEBI, has suspended the registration of Prakash Baid Securities Pvt Ltd, a member of Calcutta Stock Exchange Association Ltd (CSE) for six months. The order becomes effective on the expiry of 21 days from March 29, 2007. The order relates to the "irregular transactions" in the shares of CSE-listed Patriot Trading Company Ltd in the period between August 1, 2001 and February 28, 2002.

The regulator noted that the price of Patriot increased from Rs 2.30 on August 1, 2001 to Rs 62.16 on February 15, 2002 on the CSE trading platform. Patriot showed downward trend and reached Rs 27.05 on February 28, 2002.

The SEBI investigation found that certain members of CSE, including Prakash Baid Securities, had traded substantially in the shares of Patriot during the period.

Mr Anantharaman in his order said the broker's manipulative conduct deserved a "major penalty".

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