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Small banks or banks for ‘small’ people?

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Nov 10 2012, 02:21 IST
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SummaryThe Securities and Exchange Board of India on Friday disposed of the showcause notices issued to ICES Software and its three directors, saying the company has resolved all pending investor complaints.

Sebi disposes of notice issued to ICES Software

The Securities and Exchange Board of India (Sebi) on Friday disposed of the showcause notices issued to ICES Software and its three directors, saying the company has resolved all pending investor complaints. “Dispose of the showcause notice (SCN) dated November 06, 2009, issued against the company, ICES Software Industries, and the showcause notices dated November 10, 2009, issued to its directors Sachin Pawar, Divyanshu Vaishnav and Dahagama Sharma," Sebi said. The market regulator, through an order dated March 09, 2012, had "imposed a penalty of R30,000 on the company, adjudging non-redressal of the same grievances/complains which are subject matter of the present proceedings...do not consider the present case a fit one to issue any directions as contemplated in the SCNs”.

Sebi revokes trading ban on Littlestar Vanijya

Sebi on Friday revoked the order that had restrained Littlestar Vanijya from the securities market following alleged irregularities into the share of some mid-cap stocks, including Parsvnath, Tulip Telecom and Pipavav Defence. In the wake of shares plunging in some mid-cap stocks on July 26, Sebi, in its interim order in August, had restrained Littlestar Vanijya, among others, from accessing the securities market. It had prohibited them from dealing in stock market in any manner whatsoever, till further directions.

Sebi slaps R2-lakh fine against one individual

Sebi has imposed a penalty of R2 lakh on one Dilip Singh Rathore for allegedly indulging in fraudulent trading in shares of Asian Star Company (ASCL). According to Sebi, Rathore indulged in circular/reversal synchronised trades with the other brokers and clients in scrips of ASCL. Sebi said it has imposed "a penalty of R2 lakh... on the noticee, which will be commensurate with the violations committed by him”. Sebi had found a spurt of more than 18% in the price of ASCL shares during October 10-November 20, 2008, when the BSE's benchmark Sensex fell around 20%.

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