Midcap crash probe: SEBI bars 19 entities

The Securities and Exchange Board of India (SEBI) has restrained 19 entities from accessing the securities market, and barred them from buying, selling and dealing in securities until further order. The market regulator has also directed the stock exchanges and depositories to ensure that its order is complied with. The market regulator's move follows investigation into downward movement in prices of certain scrips – Pipavav Defence and Offshore Engineering, Pasvanth Developers, Tulip Telecom and Glodyne Technoserve – on July 26. The downward movement in these shares, SEBI found, was inexplicable. There was no disclosure of any corporate announcement /price sensitive information by these companies. The banned outfits The entities include 4a Financials Securities, A To Z Steels, Ajit Kumar Jain, Cheminare Trade Comm, G N Credits, Gajria Jayna Precision Industries, Kuvam Plast Private Limited Littlestar Vanijya Private Limited Manish Agarwal, Milestone Shares and Stock Broking Private Limited , Neelanchal Mercantile Private Limited , North Eastern Publishing and Advertising Company Passions System Solution, Premium Hospitality Services, Ramkripa Securities, Umang Nemani, Venus Infosoft, White Horse Trading Company and Yashika Holding Private Limited Time for appeal These entities/persons can file their objections, if any, within 21 days from the date of this order, if they so desire, avail themselves of an opportunity of personal hearing before the market regulator, SEBI said in the order. This order shall come into force with immediate effect, says a release from SEBI.