The Hindu Business Line : SAT dismisses CSE brokers' appeal against ban

THE Securities Appellate Tribunal (SAT) today dismissed the appeals by three Calcutta Stock Exchange (CSE) brokers against the Securities and Exchange Board of India (SEBI) directive banning them directly or indirectly trading in six CSE listed stocks.

The SAT contended that the appeals are premature at this stage as the process is continuing.

"The SEBI has not issued any final orders. The order impugned in these appeals is an interim order and has given time to the appellants to submit their case before the SEBI within 15 days and ask for personal hearing," the SAT added.

The SEBI had issued the directive on September 29.

Three appellants - Badriprasad & Sons, Ram Mohan Sarda and Rajendra Prasad Shah - were among a total of 11 CSE brokers who, according to the SEBI, had allegedly followed a common modus operandi of artificially jacking up the price and creating false volumes through "continuous self deals executed on the same terminal and cross-deals among themselves."

As a result, they enriched themselves and also aided the process of legitimising their gains, the market regulator had said.

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