Investigation Enforcement & Surveillancen

Investigations were conducted by SEBI into the trading in the scrip of M/s SVA India Ltd. pursuant to an abnormal price rise from Rs. 42.50 to Rs. 150 accompanied with large volumes in the month of November 1995. Investigations revealed that, shares of SVA India Ltd. were cornered by a group of persons through a few brokers on the Stock Exchange, Mumbai, which resulted in the manipulation of the price of the scrip. In this connection, SEBI had suspended four brokers for a period of 60 days from April 1998. SEBI had also frozen the unlawful gains earned by the manipulators. The entities/persons had acted in concert to create a false market by trading in the name of fictitious entities. They had been found guilty of market manipulation and price rigging and had violated SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 1995. In view of the above, SEBI has debarred the following persons/entities from dealing in the Securities Market for a period of five years: 

1. >Sohanlal Binjrajka and M/s Binjrajka Portfolio Pvt. Ltd

2. >Dimple Shah and M/s Mukut Stock Brokers Pvt. Ltd.

3. >Rajesh R. Sheth and M/s Anubhav Investments

4. >M. K. Ruparel and M/s Shreeji Investments

5. >Kamlesh C. Bharwada and M/s Virajka Associates