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Stock market regulator SEBI has banned 39 people with immediate effect from accessing the securities market for having formed cartels and manipulated the stock prices of five different scrips namely LGS Global, Spectacle Infotek, Goldstone Technologies, Gemstone investments, Well Pack Paper and Containers Ltd. They were found guilty of trading among themselves so as to artificially create volumes in these stocks and jack up prices. SEBI found them guilty of indulging in unfair trade practices and has directed BSE and NSE to square off any existing open positions in the F&O segment and has asked exchanges ensure that they do not take fresh F&O positions. The exchanges have also been told to examine the role of Arcadia Shares & Stock Brokers in this regard.
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