INVESTIGATIONS, ENFORCEMENT AND MARKET SURVEILLANCE

Securities and Exchange Board of India investigated into the dealings in the shares of M/s. Cyberspace Ltd. (formerly known as M/s. Cyberspace Infosys Ltd.). The investigations revealed that M/s. Prabodh Artha Sanchay Pvt. Ltd. had transacted in the scrip of M/s. Cyberspace. 

It was found, inter-alia, that M/s. Prabodh Artha Sanchay Pvt. Ltd. was acting in concert with Shri Arvind Johari to support the price of the scrip and create an artificial market in the scrip. Pursuant to a show cause notice, written reply of M/s. Prabodh Artha Sanchay Pvt. Ltd. and personal hearing before Chairman, SEBI, the Board after considering all the relevant facts of the case and vide its order dated May 13, 2003 directed M/s. Prabodh Artha Sanchay Pvt. Ltd. to be careful in future while trading in the aforesaid manner.