Business Daily from THE HINDU group of publications
Saturday, Feb 21, 2009
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Business Daily from THE HINDU group of publications Saturday, Feb 21, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Markets
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Financial Services Our Bureau Mumbai, Feb. 20 SEBI on Friday revoked the restriction imposed on brokers Religare Securities, Dimensional Securities Pvt Ltd and Matrix Equitrade Pvt Ltd from dealing in the shares of Nissan Copper vide an order issued in January 2007. Nissan Copper shares showed abnormal price rise on December 29, 2006, the day of listing on the BSE and the NSE. The shares shot up from about Rs 40 to Rs 139. SEBI investigations indicated that Reniwal Group and Vora Group traded through Religare Securities and Dimensional Securities in an irregular manner. It was also alleged that Matrix had executed 38,000 single share buy and sell orders, giving rise to a 250 per cent rise in share price of Nissan Copper. Later, a consent order was issued in the case of Matrix Equitrade on November 18 case and SEBI disposed adjudication proceedings against them while in the case of Dimensional Securities Pvt Ltd, adjudication is in progress. Religare was also prohibited and it appears that no action is considered necessary pursuant to investigations, said an expert tracking the case. But the prohibition is now sought to be removed, he added. More Stories on : Financial Services
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