Sebi confirms interim directions against Sanjay Dangi

The Securities and Exchange Board of India (Sebi) on Tuesday confirmed its interim directions to bar Sanjay Dangi and his associates from dealing in the stock market for rigging share prices.

Apart from Dangi, the capital markets regulator had also barred Ashika Stock Broking (ASBL) and 14 other entities, grouped as the Ashika group, from buying, selling or dealing in securities till further directions in December last year.

Out of the 14 entities, the interim order has been confirmed in the case of 12 entities. However, the order has been revoked against stock broker ASBL to the extent of taking fresh clients. “However, the direction of restraining it from buying, selling or dealing in the securities in its own/proprietary account in any manner shall continue,” said Sebi in its order. Further, the regulator also confirmed its interim directions in December against Mentor Capital Ltd, Ivory Consultants Private Ltd, Ashok Finstock Ltd, Sanjay Dangi, Alpana Dangi and Sunil Dangi.

“The nature of relationship among the parties, the manner of trades that were executed, the impact such trades had on the scrips... persuades me in the confirm the interim ex-parte directions issued against them,” said the Sebi order, signed by whole-time member K M Abraham.

Similarly, Sebi confirmed its interim directions against Sanchay Fincom Ltd and Sanchay Finvest Ltd. In his order, Abraham said: “From the facts and circumstances of the case so far and the submission of the entities, I am of the considered view that the interim ex-parte directions against them should continue.”