SEBI shuts market doors for 24 operators
April 27, 2006 22:40 IST
Market regulator Securities and Exchange Board of India on Thursday barred 24 key operators, including India Bulls and Karvy Stock broking, from operating in the stock market due to their 'abusive practices' in initial public offerings of various companies.
SEBI, which went into malpractices in 105 IPOs during 2003-05, also asked 12 depository participants not to open fresh accounts.
In its interim order, SEBI barred 85 financiers of key operators from operating in the stock market. HDFC Bank, IDBI Bank, Central Bank, ING Vysya Bank, IL&FS and Motilal Oswal have been asked by the market regulator not to open fresh demat accounts. It asked depository participants like Karvy, Pratik DP to stop accounts till further notice.
The interim order barred Roopalben Panchal, accused in Yes Bank and IDFC IPO scams, from dealing in securities market. SEBI said 58,938 DP accounts had been used to corner retail portion of IPOs.
Jai
April 27, 2006 22:40 IST
Market regulator Securities and Exchange Board of India on Thursday barred 24 key operators, including India Bulls and Karvy Stock broking, from operating in the stock market due to their 'abusive practices' in initial public offerings of various companies.
SEBI, which went into malpractices in 105 IPOs during 2003-05, also asked 12 depository participants not to open fresh accounts.
In its interim order, SEBI barred 85 financiers of key operators from operating in the stock market. HDFC Bank, IDBI Bank, Central Bank, ING Vysya Bank, IL&FS and Motilal Oswal have been asked by the market regulator not to open fresh demat accounts. It asked depository participants like Karvy, Pratik DP to stop accounts till further notice.
The interim order barred Roopalben Panchal, accused in Yes Bank and IDFC IPO scams, from dealing in securities market. SEBI said 58,938 DP accounts had been used to corner retail portion of IPOs.
Jai
