SEBI Abolishes 7 Entities from Market for Unfair Trade Practices

Market regulator SEBI banned seven entities, including 3 individuals from the securities market for indulging in unfair trade practices. SEBI found these entities were involved in circular trading of shares of Temptation Foods, Cals Refineries, Bang Overseas, Confidence Petroleum India, Shree Precoated steels (presently known as Ajmera Realty & Infra India).

The banned entities are

  • Chandra Financial Services
  • Kundan Leasing & Finvest
  • Jay Investrade
  • Maruti Securities

Three individuals Harsh Shirish Maniar, Jay Shirish Maniar, K Varadarajan are restrained from the securities market till 3rd June 2013. SEBI noted that, all these unfair transactions happened between August 2007 and February 2009.

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