For full copy of order against BHAVESH PAREKH, click here.

PRESS RELEASE - SEBI
July 15, 2002
PR No. 129/2002

INVESTIGATION, ENFORCEMENT AND SURVEILLANCE DEPARTMENT 
ACTION TAKEN FOR THE QUARTER ENDED JUNE, 2002.

During the quarter ended June 2002, SEBI has taken up 31 new cases for investigation. Enquiry Proceedings have been initiated against 6 intermediaries and adjudication proceedings against 25. Show Cause Notices have been served on 21 non-intermediaries. Orders have been passed ordering suspension of registration for varying periods against 10 intermediaries. Certificate of registration of 3 intermediaries have been cancelled. In addition, 14 intermediaries have been issued warning. 2 orders under Section 11 B of SEBI Act have been passed warning one person and prohibiting another from dealing in securities market for a period of 2 years. 

A list of action taken by way of orders passed by Chairman are :

a.    CANCELLATION: - 3
Sr. 

No.

In the case of  Issued to Nature of intermediary  Effective date
1. V. R. Mathur Mass Communications Ltd., Hyderabad SRG Infotech Ltd. Registrar & STA Immediate Effect
2. Ketan Parekh & his entities Triumph International & Finance India Ltd. Member, NSE Immediate Effect
3. Kamal Overseas Ltd. Rahil Investments Member, ASE, OTCEI, NSE 26.6.02
 
-: 2 :-
 
b.    SUSPENSIONS: - 10
Sr.

No.

In the case of  Issued to  Nature of intermediary  Period
1. Rajesh Exports Ltd. Tamilnad Mercantile Bank Bankers to an Issue 3 months w.e.f. 4.6.2002
2. Wipro Limited Shree Krishna & Co. Member, NSE 1 month w.e.f. 20.5.2002
3. Yashodham Commercial Enterprises Ltd. Shri R. B. Khandelwal Member, BSE 1 month w.e.f. 10.6.2002
4. Credit Suisse First Boston (I) Securities Pvt. Ltd. Credit Suisse First Boston (I) Securities Pvt. Ltd. Broker NSE & BSE Suspension for a period of 2 years w.e.f. April 18, 2001.
5. Bestavision Electronics Ltd. Kishan & Co. Member LSE Suspension for a period of 6 months w.e.f. 10.6.02.
6. Bestavision Electronics Ltd. Kaul Securities Ltd. Member DSE Suspended for a period of 1 month w.e.f.10.6.2002
7. Hitechi Jewellery Industries Ltd. Lotus Investments & Securities Member NSE Suspended for 1 month w.e.f 14.6.02 to 14.7.02
8. Amara Raja Batteries Ltd. Bid Securities Pvt. Ltd. Sub-broker to Anand Rathi Securities Ltd., Member BSE Suspended for 6 months w.e.f. 15.7.02
9. Amara Raja Batteries Ltd. Khandwala Shah & Associates Sub-broker to P.K. Shah, Member BSE Suspended for 1 year w.e.f. 15.7.02
10. Amara Raja Batteries Ltd. Alba Capital Market Pvt. Ltd. Member NSE Suspended for 3 months w.e.f. 15.7.02
c.    WARNING: - 14
Sr.

No.

In the case of  Issued to Nature of intermediary 
1.  Amara Raja Batteries Ltd. Motilal Oswal Securities Ltd.

Shri Dipak G. Cholera

Pragya Capital Services Ltd

Member NSE

Member BSE

Sub-broker to Dipak G. Cholera, BSE

2. Hitechi Jewellery Industry Ltd. Punit Capital & Debt Market Pvt. Ltd.

Mangal Keshav Securities Ltd. (formerly known as Aldan Investments)

Member, NSE

Member, BSE & NSE

3.. Saket Extrusions Ltd. State Bank of Indore Merchant Banker
4. Subhash Projects and Marketing Ltd. Vysya Bank, H. B. Sarani Branch, Calcutta Bankers to an Issue
5. Amara Raja Batteries Ltd. Sykes & Ray Equities (I) Ltd. Member, BSE & NSE
6. DSQ Biotech Ltd. B M Gandhi Securities (P) Ltd. Member, BSE
7. Soundcraft Industries Ltd. Sharedeal Financial & Consultants (P) Ltd.

M. P. Vora Shares & Securities (P) Ltd.

K. G. Vora Securities Ltd.

Keynote Capitals Ltd.

DGP Securities Ltd.

Member, BSE

Member, BSE

Member, BSE

Member, NSE

Member, NSE

d.    DIRECTIONS ISSUED U/S 11 B: 2
Sr.

No.

Name of the case Directions issued to  Directions passed
1. Jindal Drugs Ltd. Shri Rajesh B. Singhania Warning
2. Sangam Exports Ltd. Shri Bhavesh Parekh Prohibited from dealing in securities market for a period of 2 years with immediate effect