Some of the leading brokers who were involved in price manipulation include AnandRathi Securities, Motilal Oswal Securities, Asit C.Mehta Investment Intermediates, ICICI Securities, Kotak Securities, Angel Broking, Emkay Share and Stock Brokers, Religare Securities, SBICAP Securities, India Infoline, Karvy Stock Broking, Geojit Financial Services, Centrum Broking and Prabhudas Lilladher among others.

The name also includes Dawnay Day AV Securities, which is registered as a foreign institutional investor (FII) with the Securities and Exchange Board of India.

The share price of both KGN and Sylph rose to nearly 1,00,000 per cent on the first day of the re-listing of the stocks on BSE. While KGN rose from Rs 100 to Rs 55,000, Sylph managed to touch Rs 800 after from Rs 0.80. Both were suspended by the exchange for non-compliance issues and were being allowed to trade after a gap of nearly 5-years.

BSE has been under fire from Sebi Chairman C B Bhave to take action against the stock brokers, which is also believed to have caused a split among the exchange board members, which include three brokers.

It is only BSE which allows small companies to silt on its bourse while the National Stock Exchange has set a specific networth criteria to block small companies from listing on its bourse. During the revocation of suspension in scrips there are no circuit filters imposed on the stock for the first day. The BSE, however, cautions its members from entering un-realistic price in the counter.

BSE is yet to clarify weather all the trades conducted in the two counters would stand cancelled.