The Securities and Exchange Board of India has upheld its earlier ban order against broking entities belonging to the Nirmal Bang group and Credit Suisse First Boston (CSFB).
However, the Sebi ban order is limited to only the stock-broking business of CSFB, and will not affect its merchant banking arm. CSFB is lead advisor to the proposed VSNL disinvestment.
Pursuant to the earlier directions of April 18, 2001, Sebi today passed an order under Section 11 B read with Section 11 of the Sebi Act, 1992, against CSFB and the Bang group companies, debarring them from undertaking any fresh business as stock brokers pending further enquiry.
The Bang entities include Kishore Bang, Dilip Bang, Nirmal Bang Securities Pvt Ltd, Equity Broking Pvt Ltd, Bama Securities Ltd, Bang Securities Pvt Ltd and Nadi Finance & Investment Pvt Ltd.
Sebi also passed a separate order appointing enquiry officers to probe the alleged violations by CSFB and the Bang entities.
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