The Securities and Exchange Board of India has barred four investment firms and their directors from accessing the capital market and dealing in securities in any manner for five years with immediate effect following investigations into the public issue of Natural Expo Agro Industries Ltd in February-March 1996.

The market regulator in its order barred Raj Investments Ltd, Manyog Investments Ltd of Mumbai, Vrushtu Financial Services Ltd of Ahmedabad and Galav Finance & Investments Ltd of Vadodara and their directors, including some women, under Section 11 (4)(b) and 11B of the Sebi Act and Regulation 11 of Sebi (prohibition of fraudulent and unfair trade practices relating to securities market) Regulations, 2003.

In a statement on Wednesday, Sebi asked Raj Investments and its partners Praveena C Shah, Sandhya S Shah, Suniti N Shah, Sheetal J Shah and Jignesh Shah, Manyog Investments and its directors Yogesh Ruparel and Manish Shah, Galav Finance and its directors Navinbhai and Jayesh Thakkar to disassociate themselves from the capital market for five years and shall not deal in securities in any manner with immediate effect.

A similar order has been passed against Vrushti Financial and its directors Shailesh Thakkar and Keyoor M Bakshi, the release said.

By another order, the Sebi chairman warned Delhi-based New Age Finsec Pvt Ltd and its director Sanjiv Mahajan to be more careful in future and let off saying as any violation of the similar nature would invite serious action.

The warning follows investigations in connection with the dealings in the scrip of Tactfull Investments where it found the investment firm guilty of violating the provisions of Sebi regulations.