Press Release

Pursuant to a reference from the Delhi Stock Exchange (DSE), SEBI initiated investigations into the price rise in the scrip of Amtek (India) Ltd. Investigations revealed that Virtue Financial Services Pvt. Ltd was the largest net buyer in the scrip for the period of the price rise and the purchases were with an intention to artificially raise the price of the scrip. Virtue Financial Services Pvt Ltd and its Managing Director were therefore found to have violated Regulation 4(a) and 4(b) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulation, 1995.
 
SEBI has therefore, directed Virtue Financial Services Pvt Ltd and its Managing Director Shri S.R Batra not to deal in securities in any particular manner for a period of one year w.e.f. March 1, 2002.