December 04, 1997
PR No. 150/1997

SUSPENSION OF Shri C.I.GANDHI,
MEMBER, VADODARA STOCK EXCHANGE
MARKET DEPARTMENT

The Securities and Exchange Board of India (SEBI) has suspended Shri C. I. Gandhi, a member of Vadadora Stock Exchange, for a period of one month with effect from December 15, 1997. Shri C. I. Gandhi has been suspended in terms of Sub-Regulation (3) of Regulation 29 of SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 for attempting to build up huge position in the scrip of Maa Leafin & Capitals Ltd. with a view to rig the prices, which subsequently led to problems like difficulty in meeting pay-in obligations, delay in payment of margins and also delay in pay-in and pay out schedule of the Exchange. 
 
Shri C. I. Gandhi will not be entitled to carry on the business as a Stock Broker with effect from 15th December, 1997 till 14th January, 1998. He will not be allowed to operate his individual or corporate membership in any Exchange during the period of suspension.