Sebi revokes ban against entity in Alka Securities matter

Jan 24 2013, 19:22 IST
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Entity was alleged to have sent misleading signals to market through misreporting of such price sensitive information. (AP) Entity was alleged to have sent misleading signals to market through misreporting of such price sensitive information. (AP)
SummaryEntity was alleged to have sent misleading signals to market through misreporting of such price sensitive information.

Sebi has revoked the ban against Mayuresh Real Estate & Management that restrained the entity from the securities market for allegedly misleading investors by furnishing wrong details about its shareholding in Alka Securities Ltd.

Besides, the market regulator Sebi has disposed of the show cause notice issued to the company as well as revoked the ban imposed on from the securities market.

Sebi through an interim order in July 2009 had restrained the entity from accessing the securities market and prohibited it from trading in any manner whatsoever,until further orders.

These directions were confirmed by Sebi in October 2009.

The regulator, in the latest order dated January 22, "disposes off show cause notice... issued to Mayuresh Real Estate & Management in the matter of ASL without any further directions. Further,the restraint imposed on the noticee ...in the matter is vacated with immediate effect."

"...I am of the considered view that no further action is called for against the noticee (Mayuresh Real Estate & Management) in the matter and the direction issued against the noticee vide the interim and confirmatory orders needs be revoked," Sebi Whole Time Member Prashant Saran said.

"I also note that the instant proceeding against the noticee was prolonged on account of non-receipt of the show cause notice by the noticee...," he added.

In a probe conducted by Sebi into the shares trading of ASL during November 2008-March 2009, it was found that Mayuresh Real Estate & Management, one of promoter of ASL during relevant period, disclosed its shareholding to 40 lakh shares, whereas its actual stake was 10 lakh shares.

Sebi said it had found that promoter shareholding of ASL was disclosed to be more than 50 per cent over the several quarters between June 2008 and June 2009.

By this the entity was alleged to have sent misleading signals to the market through misreporting of such price sensitive information.

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