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September 17, 2002
PR No. 186/2002
AMARA RAJA BATTERIES LTD.
SEBI investigated the role of brokers of BSE and NSE in the manipulation of Amara Raja Batteries Limited. during the period August 2000 to March 2001. It was found that brokers/sub-brokers had violated the provisions of SEBI (Stock Brokers and Sub-brokers) Regulations 1992 and SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995.
As a consequential action, an enquiry officer was appointed for taking action against the brokers under the appropriate Regulations. The enquiry officer has submitted his report to the Board in respect of following brokers and observed that they were guilty of violating the provisions of SEBI Regulations:
The members were inter-alia given opportunity of personal hearing before Chairman, SEBI, which was availed by them. SEBI after considering the facts, reply and their written submissions, found them guilty of violating the provisions of SEBI (Stock Brokers and Sub-brokers) Regulations, 1992 and suspended Orient Share & Stock Brokers Ltd. for a period of 6 months and Sharedeal Financial Consultants Pvt. Ltd. for a period of 9 months respectively w.e.f October 01, 2002.
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