The Securities and Exchange Board of India has barred Malvica Engineering Ltd, its promoters and associates from dealing in securities for three years from May 19, 2004 for manipulating the MEL stock.

MEL and its promoters, including P Y Jhala and V B Desai, have been barred from accessing the securities market for their role in manipulation of the scrip, Sebi said in a release on Wednesday.

Pankaj A Desai, associates, including K P Investments and Shagufta Investments Pvt Ltd, have been prohibited from buying, selling or dealing in securities in any manner for two years, Sebi said.

Havmore Financial Services and its director Hemanshu Chawalla, Kalpesh Chawalla and Hemang Jangla have also been prohibited from buying, selling and dealing in securities for two years, it added.