Zylog Systems hits lower circuit as SEBI bars promoters

Shares of Zylog Systems were locked at 5% lower circuit after the market regulator Securities and Exchange Board of India barred its Chairman from the securities market on charges of fraudulent trading activities.Chairman and CEO Sudarshan Venkatraman , MD and Chief Operating Officer Ramanujam Sesharathnam and CFO S P Srihari are among the entities barred by the Securities and Exchange Board of India (Sebi) in its interim, ex-parte order, until further orders.Besides, the regulator has restrained the company's whole time director Parthasarathy Srikanth , his wife Srikanth Sripriya and Sthithi Insurance Services -- a promoter entity of Zylog and owned by Venkatraman and Sesharathnam -- from the capital market.Imposing the ban, Sebi cited many factors including repeated instances of concealment of information, dissemination of false and misleading information by promoters and non-compliance with existing norms.At 1010 a.m.; the stock was at Rs 30.50, down 5%, on the BSE . Around 9,780 shares were traded in the counter against two-week average of 43,398 shares.