Sebi debars dabba traders Kayan, Bansal from market

The Securities and Exchange Board of India (Sebi) has debarred Sunil Kumar Kayan, member of the Calcutta Stock Exchange (CSE) and Sanjay Bansal, member of the Guwahati Stock Exchange from buying, selling or dealing in securities in any manner directly or indirectly, pending completion of inspection that was carried out by the regulator last week. On August 18, Sebi had cracked down on dabba trader Kayan, who was assisted by Bansal, close associate of P. K. Bansal, another dabba trader, who was raided by a joint team of Sebi and NSE in the last week of July. The joint raids by Sebi and NSE were carried out on Kayan in Kolkata during last week from August 13 onwards. The raids continued over the weekend and succeeded in unearthing illegal trades worth0000000. In a release, Sebi said Kayan has apparently been acting as unregistered sub-broker for clients in violation of section 12 of the Sebi Act 1992, and prima facie it was also observed that he has been carrying on illegal trades outside the recognised stock exchange. Carrying of such illegal trading is detrimental to investors and securities market. Such trading jeopardises the safety and integrity of the market and also prima facie violates section 19 of the Securities Contract (Regulation) Act (SCRA).