PRESS RELEASE - SEBI
November 11, 2002
PR No. 250/2002

ACTION AGAINST BROKERS AND SUB-BROKER

The Securities and Exchange Board of India (SEBI) has prohibited the following entities from buying, selling or otherwise dealing in the securities market for their role in the alleged siphoning of funds out of the Bhubaneswar Stock Exchange to the tune of Rs. 1.30 crore, including interest through the Exchange's Members Welfare Trust and for alleged involvement of Shri Tulsi D Bhayana, member Bhubaneswar Stock Exchange, in the murder of stock broker Shri Vinod Aggarwal.

  1. M/s Indian Finance Guaranty Limited (Member NSE and OTCEI)
     

  2. Shri Tulsi D Bhayana (Member Bhubaneswar Stock Exchange)
     

  3. Shri Ashok Kumar Sardana (Member Bhubaneswar Stock Exchange)
     

  4. M/s Times Securities Company Limited (Sub Broker affiliated to Shri Arun Kumar Girdhar- member Bhubaneswar Stock Exchange)

These directions have been issued under section 4(3) of the SEBI Act, 1992, read with section 11 and 11B of the SEBI Act, 1992 and shall remain operative till further orders.