May 16, 2002 | 1630 IST
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Money > PTI > Report May 16, 2002 | 1630 IST |
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Sebi bars Ketan Sheth from trading till May 30Securities and Exchange Board of India on Thursday directed that Ketan Sheth, accused in the multi-billion government securities (G-secs) scam, and his six entities shall not buy, sell or deal in the securities market till May 30. A post decisional hearing has been granted to Sheth and his entities on May 27, SEBI said in a release in Mumbai. Sheth was on Wednesday remanded to (Central Bureau of Investigation) CBI custody till May 27 in connection with the Rs 928 million Seamen's Provident Fund Organisation. He is also accused in the Rs 1.50 billion Nagpur District Central Co-operative Bank G-sec scam. SEBI said this decision was in view of the "emergent situation with relation to irregularities seen in G-secs transactions by Home Trade and related entities and to ensure that investors in the market do not suffer losses." The six firms are - KSC Securities Ltd (Pune Stock Exchange member), Giltedge Credit Capital Ltd (NSE member in derivaties and cash segments), Giltedge Financial & Management Services Ltd (BSE sub-broker), Giltedge Equiderivatives Ltd (sub-broker), Giltedge Investment Banking Services Ltd (category I merchant banker) and Giltedge Portfolio Management Services. Earlier this week, SEBI had extended the ban imposed on Sanjay Agarwal promoted Home Trade from dealing in securities till completion of investigations and action thereon or one year, whichever is later. The market regulator said the order was issued under section 4(3) of SEBI Act, 1992 read with section 11 and 11B of the SEBI Act. ALSO READ:
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