Breaking news-scam

Jai.Shewaramani · #1 27th April 2006, 11:43 PM

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

pkjha30 · #2 28th April 2006, 12:26 AM

Hi jai
These things only show that market is not yet open and transparent for retail investors.Scamsters find a way no matter how much computerisation is done.Had it been USA these big names would have been spending their lifetimes in Jails cooling theirs heels. In India Judiciary is full of Compassion for hardcore criminals and fraudsters but closes its eyes for undertrials of petty offences who are languishing in Jails for years as thay can not arrange bails and trials would continue for loooooooooooooong period.

Moreover public including myself take things with "Chalta Hai" attitude and suffer for our callousness. Reforms in all fields are crying for attention and persons holding public trust must be held accountable and trated like worst criminals to set examples and cleanse public life of corruption.

Gullible investors are trapped in this way and cheated of their money with impunity even by well known companies thinking that if they are caught they will go scot free.

The cost of getting caught is much less than the reward of getting corrupt in India so it flourishes.

Pankaj

sandynisha · #3 28th April 2006, 12:38 AM

pavan12 · #4 28th April 2006, 08:44 AM

so wat does it imply??

i have account in india bulls...this means that i cannot sell or trde and all my money gets locked up???

wat the hell man..

pavan12 · #5 28th April 2006, 08:56 AM

just now news is coming...as i type down this..

that Brokerages banned can trade on behalf of clients...and also that all can trade normally..

thank god..

mohdbinhaid · #6 28th April 2006, 08:58 AM

Quote:

Originally Posted by pavan12

so wat does it imply??

i have account in india bulls...this means that i cannot sell or trde and all my money gets locked up???

wat the hell man..

UPDATE

"ALL CLIENTS CAN EXECUTE TRADE VIA THEIR RESPECTIVE BROKERAGE.

SEBI SAYS BAN ON BROKERAGES ONLY ON PROPERITARY ACCOUNTS

REGARDS
Mohammed Bin Haid

mohdbinhaid · #7 28th April 2006, 09:56 AM

NEWS ON NDTVPROFIT:

Gagan Banga of Indiabulls summoned by SEBI.

Gagan Banga of Indiabulls have to called to SEBI office for hearing.

regards
mohammed bin haid

srisara · #8 28th April 2006, 11:54 AM

forgot IVAN BOESKY?, he was one of the biggest manpulator in U.S markets and got jailed for it.

India Law will catch up with these guys. Lets Hope P.C will act
Satya

shivaraja · #9 28th April 2006, 07:56 PM

Quote:

Originally Posted by pkjha30

Hi jai
These things only show that market is not yet open and transparent for retail investors.Scamsters find a way no matter how much computerisation is done.Had it been USA these big names would have been spending their lifetimes in Jails cooling theirs heels. In India Judiciary is full of Compassion for hardcore criminals and fraudsters but closes its eyes for undertrials of petty offences who are languishing in Jails for years as thay can not arrange bails and trials would continue for loooooooooooooong period.

Moreover public including myself take things with "Chalta Hai" attitude and suffer for our callousness. Reforms in all fields are crying for attention and persons holding public trust must be held accountable and trated like worst criminals to set examples and cleanse public life of corruption.

Gullible investors are trapped in this way and cheated of their money with impunity even by well known companies thinking that if they are caught they will go scot free.

The cost of getting caught is much less than the reward of getting corrupt in India so it flourishes.

Pankaj

Well Said Pankaj!!!!

ganeshhity · #10 29th April 2006, 11:43 AM

This is India dear..A country where people like Abu Salem lives in A/C jails...the police cannot be harsh with him..being an indian citizen, he is taking full advantage of Portugal banner...India, can do nothing...spending huge on his stays....Salem changing statements every now and then...

On the other hand, people like salmaan khan are send to normal jails for the crime which is meagre compared to Salem....India does not have equal scale treatment for people...

100 mein 99 beimaan..phir bhi sadda (my) Bharat MAHAAN..

Jai Hind...

ganeshhity

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