Stock crash: Probe
to be completed soon
AGENCIES
Posted: Saturday, Aug 04, 2012 at 1814 hrs IST
A day after Sebi barred 19 entities in
an interim order in this matter, Sinha said: "On preliminary
investigation, we found that things were not right. We have taken some action.
Detailed investigation has been started. We are going through that".
"We hope to complete the
investigations fast and as soon as it is completed, we will be taking
action," Sinha told reporters here on the sidelines of a conference
organised by PHD Chamber.
After initial probe into share plunge
of 20-26 per cent in four mid-cap stocks -- Parsvnath, Tulip Telecom, Glodyne
Technoserve and Pipavav Defence -- on July 26, Sebi last night barred 19
entities, including three individuals, from the securities market till further
orders.
The 19 entities, many of whom are found
to be related to each other with common addresses and phone numbers in Kolkata,
include 4a Financials Securities, A To Z Steels, Ajit Kumar Jain, Cheminare
TradeComm, G N Credits and Gajria Jayna Precision Industries.
Sebi had said a sharp downward movement
was noticed in these stocks between 0915 and 0949 hours on that day. These
stocks witnessed sharp intra-day price volume movement on both BSE and NSE on
July 26, although no major corporateannouncements or price sensitive
information was disclosed to the exchanges by these companies during previous
15 days.
The others among the barred entities
include Neelanchal Mercantile Pvt Ltd, North Eastern Publishing &
Advertising Co, Passions System Solution, Premium Hospitality Services,
Ramkripa Securities, Umang Nemani, Venus Infosoft, White Horse Trading Co and
Yashika Holding Pvt Ltd.
These persons and entities can file
their objections, if any, within 21 days from the date of this order, Sebi had
said in the order dated August 3.
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