Business Daily from THE HINDU group of publications
Wednesday, Aug 23, 2006
Business Daily from THE HINDU group of publications Wednesday, Aug 23, 2006 |
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Markets
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Economic Offences Our Bureau
Mumbai , Aug. 22 The Securities and Exchange Board of India has suspended the certificate of registration of Vivenasri Financial Services Ltd, member of the Hyderabad Stock Exchange, for a period of five years with effect from September 15, 2003 for indulging in structured deals, cross deals and circular trading in the shares of Zodiac Clothing Company Ltd. Vivenasri Financial Services is alleged to have indulged in the activity along with Newfin Financial Services Pvt Ltd. and Harsh Pranav Securities Pvt Ltd. According to the official announcement, Vivenasri Financial Services Ltd will not be entitled to carry on business as a broker with effect from September 15, 2003 to September 14, 2008. The broker has admitted to having indulged in cross and structured deals and also circular trading in the scrip of Zodiac. The said manipulations were reportedly committed as it required liquid cash for its business.
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