April 23, 1998
PR No. 88/1998

SUSPENSION OF M/S HARJIVANDAS NEMIDAS & SONS, KETAN B. MEHTA, 
U. M. KAMDAR AND S. J. TIBREWALA, MEMBERS OF THE STOCK EXCHANGE, MUMBAI (BSE)
INVESTIGATION, ENFORCEMENT AND SURVEILLANCE Dept.

SEBI conducted investigations into the abnormal price rise and market manipulations in the scrip of SVA Udyog India Ltd. on the Stock Exchange, Mumbai, between November 8, 1995 to November 27, 1995. In this period the scrip witnessed a sharp price rise from Rs. 42/- to Rs. 150/-. Investigations revealed that shares of SVA Udyog India Ltd. were cornered by certain entities through M/s Harjivandas Nemidas & Sons, Ketan B. Mehta, U. M. Kamdar, S. J. Tibrewala, members of the Stock Exchange, Mumbai (BSE) with an intention to artificially raise the price and create false demand in the scrip. On the basis of the report submitted by the Enquiry Officer, a show cause notice was issued under the SEBI (Stock Brokers and Sub-Brokers) Rules and Regulation, 1992 to the above mentioned brokers. After considering the material on record, submissions made from time to time and reasons given in the enquiry report, SEBI found them guilty of violating SEBI (Stock Brokers and Sub-Brokers) Rules and Regulation, 1992. Therefore an order has been passed suspending them for a period of 60 days. The suspension order shall come into effect from 27th April, 1998