For full copy of order against BAMA SECURITIES LTD., click here.

For full copy of order against BANG EQUITY BROKING PVT.LTD., click here.

For full copy of order against BANG SECURITIES PVT.LTD., click here.

For full copy of order against BANG SECURITIES PVT.LTD., click here.

For full copy of order against NIRMAL BANG SECURITIES PVT.LTD., click here.

PRESS RELEASE - SEBI
August 06, 2002
PR No. 148/2002

Press Release

  1. Pursuant to the investigation on the index movements at stock exchanges during mid February and mid March 2001, Bang entities viz. M/s. Nirmal Bang Securities Ltd. (NBS), M/s. Bang Equity Broking Pvt. Ltd. (BEB), Bama Securities Ltd. (BSL) all stock brokers and Bang Securities Pvt. Ltd., (BS) NADI Finance and Investment Pvt. Ltd. (NFL) sub-brokers, registered with SEBI were directed not to undertake any fresh business as stock broker till further orders. Simultaneously an Enquiry Officer was appointed.

  1. The Enquiry Officer submitted his report on 25.2.2002 and found Bang entities (except Nadi Finance and Investment Pvt. Ltd.) to have indulged in large trading transactions with a view to depress the market artificially in a concerted manner, short sales, synchronized trading, trading in particular time slots when the share prices registered substantial fall, routing of large transactions through unregistered sub-brokers and guilty of violating the code of conduct specified in schedule II of the SEBI (Stock Brokers and Sub-brokers) Regulations, 1992 and Regulation 4 (a) to (d) of SEBI ( Prohibition of Fraudulent and Unfair Trade Practices relating to securities market) Regulations ,1995. The Enquiry Officer has recommended cancellation of certificate of registration of Bang entities except Nadi Finance and Investment Pvt. Ltd.

  1. Pursuant to the above, a show cause notice was issued to the Bang entities, which was replied by them. A hearing was given before the Chairman, SEBI. After taking into account the findings of enquiry and the submissions of the parties, Chairman, SEBI passed an order on 30th July, 2002 canceling the registration of M/s. Nirmal Bang Securities Ltd., (Member BSE, SEBI Reg. No.INB 011072759) Bang Equity Broking Pvt. Ltd., (Member BSE, SEBI Reg. No.INB 011070852)

  2. Bama Securities Ltd. (Member NSE, SEBI Reg. No. INB 230939139) all stock brokers and Bang Securities Pvt. Ltd. sub broker of Nirmal Bang Securities Ltd. and Bang Equity Broking Pvt. Ltd., SEBI Reg. No.INS 010130636 and INS 010708035 with immediate effect.