Sebi bans individual from mkt for 3 yrs for fraudulent trade

Regulator Sebi today barred one Amit N Joshi from the securities market for three years after finding him guilty of indulging in fraudulent trading and providing unauthorised portfolio manager services.
A probe by the Securities and Exchange Board of India (Sebi) found that Joshi was acting as a portfolio manager on behalf of Pegasus Stocks & Shares without holding a valid certificate of registrations from Sebi as such.
Besides, Joshi in concert with other related had entered into non-genuine transactions which had the effect of creating an artificial market to mislead the genuine investors.
The move had created fictitious trades in the guise of normal trade in the scrips of R M Mohite Textiles and Atlas Cycle Haryana.

The regulator had conducted investigation in the shares of R M Mohite Textiles and Atlas Cycle Haryana during November-December 2007.
By indulging in such activities, the person had violated the provisions of portfolio managers norms and PFUTP (Prohibition of Fraudulent and Unfair Trade Practices).
Accordingly, Sebi has restrained "Joshi from accessing the securities market and also prohibiting him from buying, selling, and otherwise dealing in securities market, directly or indirectly, in any manner whatsoever, for a period of three years from the date of this order".
The order will come into force with immediate effect.