SEBI bars 11 brokers

In a major crackdown on manipulation in penny stocks, Securities and Exchange Board of India (SEBI) has barred 11 stock brokers of the Calcutta Stock Exchange from dealing in securities on the charge of jacking up prices and creating false volumes through continuous self deals. The brokers include Sanju Kabra, Shivam Stock Broking Private Limited D.B. and Company Rajendra Prasad Shah, Badri Prasad and Sons, M. Bhiwaniwala and Company Ram Mohan Sarda, A.V. Shares and Stock Brokers Private Limited Shyam Lal Sultania, Ahilya Commercial Private Limited and S. Jhunjhunwala and Company the market regulator said in a release here. The order was passed for artificially jacking up the prices of the six companies, Prime Capital Market Limited Subh Laxmi Projects Limited Global Capital Market Limited Bankam Investments Limited S.T. Services Limited and Amluckie Investment Company — PTI