Sebi disposes of case against 2 stock brokers

Market regulator Sebi today disposed of a case against two stock brokers for alleged synchronised trading activities in shares of a dozen companies, including Ushdev International and Asian Star Company Sebi said the charges could not be established against Arcadia Share and Stock Brokers, who were alleged to have done synchronised trading in the shares of 12 firms as well as not complying with stock brokers' regulation.The Securities and Exchange Board of India had conducted a probe into the irregularity in the trading of shares in as many as 12 companies including Allcargo Global Logistics, Asian Star Company, Ushdev International during the March 1-December 15, 2009.The probe revealed that a group of persons connected to each other, referred to as "Mehta Group".Sebi said "The evidences available on record are insufficient to establish any nexus or complicity of noticee (Chaganlal Securities and Arcadia Share and Stock Brokers) and with the counter party brokers or the other Mehta Group entities in the execution of synchronised trades or any manipulative dealing in any of the scrips of these companies."