The Hindu Business Line : SEBI to probe fund misuse by Home Trade

THE Securities and Exchange Board of India (SEBI) may look into the possible diversion of funds into the stock market by the controversy-ridden Home Trade.

"We may look into any diversion of funds into the stock market through the stock broking firm Home Trade," Mr G.N. Bajpai, Chairman, SEBI, told newspersons here today on the sidelines of a function on Wealth Creation organised by BSE.

There has been speculation in the market that the money given by various co-operative banks to Home Trade for buying government securities might have moved into the stock markets.

Mr Bajpai said the market regulator was investigating Home Trade and its trading activities.

In a statement today, SEBI debarred Home Trade for another month, up to June 10, from dealing in securities. "It is felt that the earlier restraint order of SEBI should be further continued by another month," said the SEBI statement.

The regulator's post-decisional hearing will be given on May 13.

On April 29, the market regulator had debarred the firm from dealing in securities till May 10.

Mr Bajpai also said the regulator would look into participating in joint investigations with other agencies probing Home Trade's activities.

Addressing at a seminar on the Takeover Code organised by Indian Merchants' Chamber, Mr Bajpai said SEBI would be maintaining the basic thrust of the takeover code while keeping all other stakeholders' x especially that of small investors' x interests in mind.

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SEBI to probe fund misuse by Home Trade