MARKET SURVEILLANCE DEPARTMENT

SEBI initiated investigations in the price rise in the scrip of MJP Leasing Ltd a company listed on the The Stock Exchange, Mumbai (BSE). The price of the scrip increased from Rs.32/- to Rs.925/- in a period of approximately 5 months. Pursuant to investigation SEBI found that one broker, M/s. M. J Patel, member, BSE had executed transaction for the purpose of artificially raising the price of the scrip knowing fully well that there was scarcity in the scrip of the company. SEBI has therefore suspended the registration of the member for a period of 2 months with effect from 18-02-2002. 

Another broker of BSE, M/s. J.R Motishaw has been warned to be careful in future in his dealings in the securities market.