SEBI order on us erroneous, based on conjectures: Ashika Stock Broking

Ashika Stock Broking Ltd. has decided to contest SEBI’s ex–parte ad interim order with regards to its involvement in the price manipulation of certain stocks. The broking house believes that the SEBI order is not based on factual position on record and, infact, based on surmises and conjectures.

According to its Chairman & Managing Director Mr. Pawan Jain, ‘Ashika has approached SEBI to seek the withdrawal of its order immediately by placing all relevant information. We believe that the order contains many factual inconsistencies which we are contesting and are filing our objections and clarifications. We are confident that we will be able to convince SEBI of our innocence and non-involvement in the alleged case.’ Mr. Jain further added that, among the major inconsistencies include the alleged Ashika Group entities as set out in the said Order are in fact the clients of Ashika Stock Broking Limited and not the Ashika Group Companies.

The company has put up a public announcement on its website in this regard to clarify its position among its customers and other stakeholders. Expressing concerns that the order may impact the confidence of over 84,000 including 27 institutional clients across a range of products that Ashika Stock Broking offers, Mr. Jain stated that ‘Ashika has always valued transparency in its dealings. It knows its responsibility towards its customers, regulators and others. We are in the business with long term commitments of service and relationship. It does not serve our purpose to violate any rules and regulations and indulge in price manipulations etc.’

About Ashika Stock Broking Ltd. Ashika Stock Broking Ltd is a leading broking house of the country having membership of National Stock Exchange of India Limited (Cash, Future and Option and Currency Derivative Segment), The Bombay Stock Exchange (Cash, Future and Option Segment and Wholesale Debt Market Segment), Multi Commodity Exchange Of India Ltd (Currency Derivative Segment), dealer of OTC Exchange of India. The company is also a Depository Participant at CDSL (Both equities & commodities) and NSDL (Equities) and AMFI Registered Mutual Fund Distributor. Further the company is also registered as Self Clearing Member with NSE and acts as Portfolio Manager. ASBL also provides investment advisory services to high net-worth individuals and corporate. Its expertise in research and stock broking gives the Company the right perspective from which to provide its clients with investment advisory service. The company is having a client base of more than 84000 HNI, Corporate & retail. The company has covers the whole of India with its offices spread over 128 Tier I and Tier II cities and has around 525 business locations and still in the process of expansion of its business activities. The offices of the company situated at Kolkata, Mumbai, Hyderabad and other major parts of the country are well equipped with all the modern techniques and facilities for effective and smooth business operations.