Business Daily from THE HINDU group of publications
Sunday, Dec 17, 2006
ePaper
Business Daily from THE HINDU group of publications Sunday, Dec 17, 2006 ePaper |
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Markets
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Economic Offences Our Bureau
Kolkata , Dec. 16 The Securities and Exchange Board of India has vowed to "make life difficult of manipulators". This was stated in no uncertain terms by the CGM of the market watchdog's surveillance department, Mr R. Ravichandran, here today. The SEBI Chairman, Mr M. Damodaran, also clearly underlined that the regulator was "not sitting idle" in terms of taking proactive steps in the interest of investors. Both were addressing a workshop on capital markets for journalists. Armed with the new Rs 22-crore integrated market surveillance system, installed in December 1 this year, the regulator is making regular enquires regarding suspected manipulations by market players and corporates, according to officials.
Media on watch list
Even the media is on the watch list, Mr Damodaran indicated and said that SEBI has been taking note of the fact that "rumours" are being passed off as reports at times without appropriate disclosures. Mr Ravichandran elaborated that the regulator had tracked several penny stocks and found out that various kinds of manipulations were carried out by promoters in collusion with certain market intermediaries. The SEBI official indicated that formal investigations have been initiated against some of the penny stocks manipulators and "tipstars". SEBI has also initiated action against some mid- and small-cap companies for accounting irregularities or misleading statements. The regulator has undertaken an aggressive "frontline surveillance" in addition to the real time surveillance done be stock exchanges, the SEBI officials said. Apart from delving deep into the trading data, trading trends and unusual acts by the market players, the regulator is also analysing media reports - both electronic and print - almost on a daily basis, to trace out clues for such manipulative acts.
More Stories on : Economic Offences | Regulatory Bodies & Rulings | Investor Protection
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