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Midcap crash: Sebi says ban on Ramkripa Securities to continue

Jan 23 2013, 05:01 IST
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SummaryMarket regulator Sebi has said the restraining order on Ramkripa Securities, related to plunge in mid-cap stocks of four firms, would continue as the entity failed to give "plausible explanation" for its alleged trades.

Market regulator Sebi has said the restraining order on Ramkripa Securities, related to plunge in mid-cap stocks of four firms, would continue as the entity failed to give "plausible explanation" for its alleged trades.

Last year, the market regulator through an interim order had barred Ramkripa Securities from the securities market, following an initial probe into the steep decline in share prices of mid-cap stocks of -- Parsvnath, Tulip Telecom, Glodyne Technoserve and Pipavav Defence and Offshore Eng Ltd.

"...the submissions of the noticee (Ramkripa Securities) do not give any plausible reason/explanation, at this stage, for its trades in the scrip of Glodyne as alleged in the interim order," Sebi said in its order dated January 18.

"I am of the considered view that no intervention is called for, at this stage, in either vacating the interim directions or modifying it, with respect to Ramkripa Securities Pvt Ltd," Sebi's whole time Rajeev Kumar Agarwal said.

The regulator said the probe in the matter is going on and appropriate action would be taken after its completion.

The probe relates to a sharp plunge of 20-26 per cent in the shares of on July 26 on the BSE and NSE.

These stocks witnessed sharp intra-day price volume movement even though no major corporate announcements or price sensitive information was disclosed to the exchanges by these companies during previous 15 days.

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