December 18, 1997
PR No. 165/1997

SUSPENSION OF AMIT ARVIND SHAH,
MEMBER, AHMEDABAD STOCK EXCHANGE.

SEBI conducted enquiries about the abnormal price rise and alleged price rigging in the scrip of M/s. Reliable Finstock Limited on the Stock Exchanges between mid-May and mid-June1995. Investigations revealed that shares of M/s. Reliable Finstock Limited were cornered by certain entities through Shri Amit Arvind Shah, Member, Ahmedabad Stock Exchange for the purpose of price manipulation. Pursuant to submission of investigation report an enquiry officer was appointed by SEBI in respect of Shri Amit Arvind Shah, Member, Ahmedabad Stock Exchange. On the basis of the report submitted by the Enquiry Officer, a show cause notice was issued under the SEBI (Stock Broker and Sub Broker), Regulation, 1992 to Shri Amit Arvind Shah. After considering the material on record, submissions made from time to time and reasons given in the enquiry report, SEBI found him guilty of violating SEBI (Stock Broker and Sub-Broker ) Regulation, 1992, SEBI (Substantial Acquisition of Shares and Takeover), Regulation, 1993 and SEBI (Insider Trading), Regulation, 1992. Therefore, an order has been passed suspending him for a period of 90 days. The suspension order shall come into effect from December 20, 1997.