Sebi disposes case against stock broker SPFL Securities

Sebi has disposed of the case against SPFL Securities in a case related to alleged stock broker norms violations by the entity in dealing with shares of Riba Textiles, Supertex Industries and Winsome Textile Industries The Securities and Exchange Board of India (Sebi) had alleged in its show cause notice that SPFL had executed self trades in the scrips of the three firms on behalf of its few clients.It was said that in the alleged trades the entity had acted as both stock broker and counter party stock broker.In its order on Tuesday, Sebi said that there was "no evidence available on record to suggest that the noticee (SPFL Securities) was in any manner involved with its clients in executing the...self trades and synchronised trades".Noting that it was "difficult to establish" violation of the stock broker norms by the SPFL, the regulator accordingly "disposed of" the adjudication proceedings against the entity.Sebi had conducted an investigation into the trading in the scrip of the three companies for the period January 1 to August 31, 2009.The watchdog had found that price as well as volume in the three scrips rose significantly during the probe period as compared to pre-investigation period.