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SEBI bars Pyramid Saimira for 7yrs in IPO irregularity case
Market regulator SEBI has barred Pyramid Saimira from the securities market for seven years on the IPO irregularity case. At 10:01 am, the share was quoting at Rs 19.65, down Rs 2.15, or 9.86%. There were pending sell orders of 146,117 shares, with no buyers available. It was trading with volumes of 2,745 shares.
Pyramid Saimira Theatre touched an intraday high of Rs 19.65 and an intraday low of Rs 19.65. At 10:01 am, the share was quoting at Rs 19.65, down Rs 2.15, or 9.86%.
There were pending sell orders of 146,117 shares, with no buyers available. It was trading with volumes of 2,745 shares.
Market regulator Securities and Exchange Board of India (SEBI) has barred Pyramid Saimira from the securities market for seven years on the IPO irregularity case.
SEBI says the company aided and abetted with 7 persons to corner shares in its IPO. SEBI adds that these entities made an unlawful gain of over 2 crore rupees. SEBI investigations revealed that the names of the 7 former employees were missing from the company register, and the employees, SEBI claims, were all paid in cash.
Yesterday the share closed down 1.13% or Rs 0.25 at Rs 21.80.
