SEBI bars 39 entities from accessing securities market

(Sourced from PTI)

Market regulator SEBI today barred 39 entities from accessing securities markets for allegedly creating artificial volumes and price rise in certain scrips.

"The (39) entities/persons are restrained from accessing the securities market and further prohibited from buying, selling or dealing in securities in any manner," SEBI said in an order.

It also directed the stock exchanges to ensure that the entities do not take fresh positions or increase their open positions.

These entities belong to Pabari-Parikh and Walmiki-Shah Groups.

The scrips in which they dealt were LGS Global, Spectacle Industries, Goldstone Technologies, Gemstone Investments and Well Pack Papers.

The pattern of trading and dealing in the scrips during 2008, 2009 and 2010 indicate that the Pabari-Parikh group is responsible for creating substantial volumes, which appear to be artificial in nature, SEBI said

"There are several entities common to both the Pabari-Parikh group and the Walmiki-Shah group indicate the nexus and the close interaction between the two groups," SEBI said.