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SEBI Order in the case of sharp downward movement in the specific scrip prices

SEBI’s surveillance systems were alerted when it was observed that the prices of the four scrips had seen a sharp downward movement within the time from 09:15 to 09:49 on July 26, 2012. During 15 days prior to July 26, 2012, no corporate announcements/price sensitive information was disclosed to the stock exchanges by the aforesaid companies which could have impacted prices of their shares negatively.

This led to an investigation of the downward movement for the scrips mentioned below.

Shri Rajeev Kumar Agarwal, Whole Time Member, SEBI, has passed an order dated January 08, 2013, revoking ad interim directions issued vide order dated August 03, 2012 in respect of M/s. White Horse Trading Company Pvt. Limited in the matter of Pipavav Defence and Offshore Eng. Limited, Parsvnath Developers Limited, Tulip Telecom Limited and Glodyne Technoserve Limited.

The full text of the order is available with this post.

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eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

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