Financial Daily from THE HINDU group of publications
Saturday, Jan 14, 2006
Financial Daily from THE HINDU group of publications Saturday, Jan 14, 2006 |
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Markets
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Regulatory Bodies & Rulings Rigging in penny stocks: SEBI pulls up CSE Our Bureau
Mumbai , Jan.13 SEBI has pulled up the Calcutta Stock Exchange for failing to detect and stop price rigging in penny stocks and asked the exchange to be more vigilant to avoid such trading on the exchange in future. In its order on Thursday, SEBI said share prices of several `small cap stocks' or `penny stocks' witnessed sharp price variations ranging from 200 per cent to 1,900 per cent within a short period between March and September 2005. Many of these companies had not been filing reports to the exchange as required by the listing agreements. "It is a matter of concern that a first level regulator has not taken adequate care in the maintenance of important records and documents filed with it. The CSE is directed to initiate suitable action for proper maintenance of records relating to listing requirements and is also advised to be more vigilant to avoid such occurrence in the future," the order said. One such stock, Prime Capital Market, SEBI noted, was among the list of vanishing companies notified by the Ministry of Company Affairs in October 2005. The SEBI order said its ex-parte interim order of September 2005 banning 11 CSE members — Mr Sanju Kabra, Shivram Stock Broking Pvt Ltd, DB & Co, Rajendra Prasad Shah, Badri Prasad & Sons, M Bjowamowala & Co, Ram Mohan Sarda, AV Shares & Stock Brokers Pvt Ltd, Shyam Lal Sultania, Ahilya Commercial Pvt Ltd and S Jhunjhunwala & Co — from doing transactions till further orders will remain in force.
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