'Rumour mongering’: ADAG seeks SEBI action against perpetrators

The Reliance Anil Dhirubhai Ambani Group today said that it has identified the stockbrokers behind the spread of malicious rumours and “baseless sensational charges” against it and sought immediate action by SEBI against the perpetrators.

The group said these brokers were sending out mass e-mails and SMSs and were also making large-scale voice calls with baseless and sensational charges against its firms.

Stocks of various companies belonging to the Reliance Anil Dhirubhai Ambani Group have fallen sharply in the past few weeks and the group has blamed corporate rivals, a cartel of stock market manipulators and ‘rumour mongering’ for this heavy sell-off.

While the group has already sought an investigation by SEBI, the stock exchanges and investigation agencies into the matter, it said in a fresh statement today that it has “identified the stockbrokers sending mass e-mails/SMS/voice calls with baseless sensational charges against ADA Group.”

While the group did not name the brokers in its statement, the names and other details about their suspicious activities have been submitted to SEBI.

“These brokers (are) guilty of blatant violation of SEBI (FUTP) Regulations,” the group said. These regulations relate to Fraudulent and Unfair Trade Practices (FUTP) relating to the securities market.

The group said that it was “bringing the matter to immediate attention of SEBI/cyber crime/police for seizure of electronic and dealing room records’’.

It also sought a “full-fledged SEBI investigation and punitive interim orders against guilty brokers”.

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