INVESTIGATION DEPARTMENT

SUB: ORDER UNDER SECTION 11B READ WITH SECTION 11 OF SECURITIES AND EXCHANGE BOARD OF INDIA, ACT, 1992 READ WITH REGULATION 11 AND 13 OF SEBI (PROHIBITION OF FRAUDULENT AND UNFAIR TRADE PRACTICES RELATING TO SECURITIES MARKET) REGULATIONS, 2003 AGAINST SHRI SHASHIKANT G BADANI IN THE MATTER OF CYBERSPACE LTD.

The Securities and Exchange Board of India (SEBI) has directed Shri Shashikant.G.Badani to restrain from associating with any corporate body in accessing the securities market and prohibited him from buying, selling or dealing in securities, directly or indirectly, for a period of one year with immediate effect.
 
It was found that Shri Badani had helped to create false and misleading appearance of trading and artificial price rise in the scrip of Cyberspace Ltd. by sustained buying and selling over the period from October 2000 to March 2001. He aided and abetted the promoters of Cyberspace Ltd. and its broking arm Century Consultants Ltd. in the market manipulation of the scrip of Cyberspace Ltd. during the aforesaid period. Therefore, he was found guilty of violating the provisions of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995.