Sebi restrains 75 entities in Pyramid Saimira case
BS Reporter / Mumbai Jan 13, 2010, 00:01 IST
The Securities and Exchange Board of India (Sebi) today confirmed its decision of restraining 75 entities from dealing in the securities market as it failed to get any response from these entities in the Pyramid Saimira Theatre (PSTL) forgery case.
Last year in April, the market regulator had restricted 230 entities to deal in securities market who had facilitated Nirmal Kotecha in carrying out suspicious banking transactions and disguising his manipulative intent and gaining advantage from the forgery.
The forgery was done to manipulate the stock price of PSTL and Nirmal N Kotecha, one of the promoters and the largest shareholder of PSTL, was one of the major beneficiaries of the said manipulation.
In a note today, Sebi said that these entities were given 30 days to file objection. "Entities have not filed any objections or responded to the order dated April 23, 2009, I do not have any hesitation in confirming the directions passed against the aforesaid entities," said K M Abraham, whole time member of Sebi in the order today.
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