October 17, 1997
PR No. 118/1997

SEBI DEBARS TWO NON-INTERMEDIARIES VIZ.,JANHAVI INVESTMENTS (P) LIMITED AND MEGA SECURITIES (P) LIMITED FROM DEALING IN SECURITIES FOR INDULGING IN ILLEGAL CARRY FORWARD OF TRANSACTIONS

Investigations, Enforcement and Surveillance Department

SEBI had conducted enquiries about the fall of index in the period October 1995 to January 1996. During the course of the investigations, it was noticed that two non-intermediaries viz., Janhavi Investments Private Limited and Mega Securities Private Limited had indulged in unauthorised carry forward of transactions and hereby depressing the prices of certain securities. Accordingly, SEBI issued show cause notice to these two clients and after considering their reply and the submissions made in the course of the personal hearing, SEBI has considered them guilty of violating the SEBI Act, 1992, and the SEBI (Prohibition of Fraudulent and Unfair Trader Practices relating to Securities Markets) Regulations, 1995, and has passed orders debarring them from buying, selling and dealing in any securities listed on any exchange for a period of one year with effect from October 27, 1997.