SEBI debars five finance firms

Securities and Exchange Board of India (SEBI) has debarred five entities from dealing in securities for three years for rigging the price of Dhanalaxmi Lease Finance Limited s scrip on the Ahmedabad stock exchange. The entities are Dr Amit Shah, S R Investments, Arvind K Shah, Kishore Barot and Akash Shelter and Finstock Limited The price of Dhanalaxmi scrip had varied between Rs 45 to Rs 225. SEBI, in a statement here today, said investigation prima facie revealed that certain entities were involved in price manipulation and unfair trade practice in the scrip of Dhanalaxmi. SEBI said the entities violated SEBI regulations on fraudulent and unfair trade practices. The decision to debar them was taken on the basis of oral submissions, documents and evidence on record, SEBI added.