The Securities and Exchange Board of India (‘SEBI’) had conducted investigation into the irregular trading for the period January 1, 2004 to March 31, 2005 (‘investigation period’) in the scrip of Bakra Pratisthan Limited (‘the Company’) listed at the Calcutta Stock Exchange Limited (‘CSE’). Investigations revealed that the share prices of the company had witnessed a phenomenal rise from Rs 18.50/- to Rs 380/- during the investigation period without any change in the economic fundamentals of the company. Four stock brokers viz: Basant Periwal & Co, Ahilya Commercial Pvt. Ltd., Rajendra Prasad Shah and Mr. Ashok Kumar Kayan (‘noticee’) had traded substantially in the shares of the Company and their cumulative trades accounted for 85% of the total volumes traded in the said scrip at CSE during the investigation period.
Shri Rajeev Kumar Agarwal, Whole Time Member, SEBI, has vide an order dated December 31, 2012, issued warning to Ashok Kumar Kayan, member, Calcutta Stock Exchange Limited in the matter of M/s. Bakra Pratisthan Limited and further directed the broker to strictly comply with the securities laws and other requirements which govern its conduct in the securities market.
The full text of the order is available in this post.
