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SummaryThe Securities and Exchange Board of India on Thursday said it has revoked its ban against three individuals restraining them from the securities market for their alleged role in manipulating share prices of Bodal Chemicals.

Sebi revokes securities market ban against three

The Securities and Exchange Board of India (Sebi) on Thursday said it has revoked its ban against three individuals restraining them from the securities market for their alleged role in manipulating share prices of Bodal Chemicals. Additionally, Sebi directed leading bourses — the NSE and the BSE — to release the payout of securities and funds in the Bodal Chemicals scrip for the trading conducted on August 29 last year. In an order, Sebi said it “drops the charges against Hemaliben Bimalkumar Mehta, Charuben Jitendrarai Mehta and Bhavana Gautambhai Vaghasiya, for lack of evidence. In view of the same, while no further action is called for against the aforesaid three persons, the directions issued against them vide the interim order needs to be revoked.” After analysing the trading pattern, Sebi said it noted that no connection or relation could be established between the company and the persons, who sold large quantities of shares of Bodal Chemicals on August 29, 2011.

Sebi settles case against Sabero Organics

Sebi on Thursday settled the case against Sabero Organics Gujarat after the firm made a payment of 6.80 lakh for allegedly not resolving 79 investor complaints pending against it. In its order, Sebi said that adjudication proceedings initiated against the company are “hereby settled”. Sebi, on three separate occasions from 2008-2010, had written to the company asking it to redress 79 pending complaints against it and submit an action-taken report (ATR) within the prescribed time. However, the company did not redress the complaints and failed to submit the ATR as required. Hence, Sebi had initiated the adjudication proceedings.

Crisil assigns ‘4/5’ grade to Bharti Infratel IPO

Crisil has assigned an IPO Grade "4/5" to the proposed initial public offer of Bharti Infratel, an arm of Bharti Airtel. This grade indicates that the fundamentals of the IPO are ‘above average’ relative to the other listed securities in India. However, this grade is not the rating agency’s opinion on whether the issue price is appropriate in relation to its fundamentals , nor a recommendation or a comment on the graded IPO’s future market price.

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