June 04, 2001
PR No. 93a/2001
Investigations, Enforcement and Surveillance Department
Pursuant to the earlier directions dated April, 18, 2001, SEBI has today passed an order under section 11 B read with 11 of SEBI Act 1992, against Bang entities. Mr. Nirmal Bang, Mr. Kishore Bang, Mr. Dilip Bang, M/s Nirmal Bang Securities Pvt. Ltd., M/s Bang Equity Broking Pvt. Ltd., M/s Bama Securities Ltd., M/s Bang Securities Pvt. Ltd. and M/s Nadi Finance & Investment Pvt. Ltd., have been debarred from undertaking any fresh business as Stock Brokers till further orders.
A separate order appointing an Enquiry Officer to enquire into the violations by Bang entities of the provisions of the SEBI Act, Rules and Regulations has been passed. The Enquiry Officer after considering the material available on the basis of investigations conducted so far and the material, which may be further supplemented, will expeditiously complete the proceedings, after following the procedure as laid down in the regulations.