PRESS RELEASE - SEBI
January 20, 2003
PR No. 23/2003

AMARA RAJA BATTERIES LTD.

SEBI investigated the role of brokers & sub-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/sub-brokers under the appropriate Regulations. The enquiry officer has submitted his report to the Board in respect of following sub-broker and observed that it was guilty of violating the provisions of SEBI Regulations:

  • Divine Securities sub-broker to Bang Equity Broking Pvt. Ltd., Member BSE
     
    The sub-broker was inter-alia given opportunity of personal hearing before Chairman, SEBI, which was availed by him. SEBI after considering the facts, reply and its written submissions, found it guilty of violating the provisions of SEBI (Stock Brokers and Sub-brokers) Regulations, 1992 and suspended Divine Securities for a period of 2 months w.e.f. January 27, 2003.