SEBI bans 7 Cos for GDR price manipulation

Directions are also issued against the listed companies namely, Asahi Infrastructure & Projects Ltd., IKF Technologies Ltd., Prashant Saran, Whole Time Member, SEBI, has passed an ad interim ex-parte order dated September 21, in the matter of market manipulation using GDR issues.  Vide the said order SEBI has issued directions against Pan Asia Advisors Ltd., Arun Panchariya, India Focus Cardinal Fund (Sub-Account), MAVI Investment (Sub-Account), KII Limited (Sub-Account), Sophia Growth - A share Class of Somerset India Fund (Sub-Account), European American Investment Bank Ag (FII), Basmati Securities Pvt Ltd., Oudh Finance & Investment Private Ltd., Alka India Ltd., SV Enterprises and JMP Securities Pvt Ltd. Directions are also issued against the listed companies namely, Asahi Infrastructure & Projects Ltd., IKF Technologies Ltd., Avon Corporation Limited, K Sera Sera Ltd., CAT Technologies Ltd., Maars Software International Ltd. and Cals Refineries Ltd.

Source:- IIFL PReMIA

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Rohit Saxena
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