Thursday’s late evening order by Sebi could be an eye-opener. Sebi has identified seven entities —
Latesh Chheda
Viren Kenia
Bhavin Chheda
Chetan Rathod
Neptune Fincot P Ltd
Dhiren Pajwani
RSS Investment Ltd
— who are alleged to have played a leading role in manipulating stocks on their debut day trading.
The regulator has placed several restrictions on these entities, with immediate effect.
Based on data collected via Sebi’s Integrated Market Surveillance System (IMSS), the order showed that in six scrips — Pochiraju Inds, Cambridge Technologies, Mindtree Consulting, Shree Astavinayak Cine Vision, Pyramid Saimira Theatre and AI Champdany Inds — several of these entities had played important role in manipulating prices on the day they were listed.
Describing the modus operandi, Sebi order by its whole-time member G Anantharaman said on the first day of listing, when bourses do not put any circuit filter in the stock, some entities were placing very large-size buy orders in these shares not in sync with prevailing market prices.
Latesh Chheda
Viren Kenia
Bhavin Chheda
Chetan Rathod
Neptune Fincot P Ltd
Dhiren Pajwani
RSS Investment Ltd
— who are alleged to have played a leading role in manipulating stocks on their debut day trading.
The regulator has placed several restrictions on these entities, with immediate effect.
Based on data collected via Sebi’s Integrated Market Surveillance System (IMSS), the order showed that in six scrips — Pochiraju Inds, Cambridge Technologies, Mindtree Consulting, Shree Astavinayak Cine Vision, Pyramid Saimira Theatre and AI Champdany Inds — several of these entities had played important role in manipulating prices on the day they were listed.
Describing the modus operandi, Sebi order by its whole-time member G Anantharaman said on the first day of listing, when bourses do not put any circuit filter in the stock, some entities were placing very large-size buy orders in these shares not in sync with prevailing market prices.
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