Rediff Logo
Money
Line
Home > Money > PTI > Report
May 10, 2002 | 1401 IST
Feedback  
  Money Matters

 -  Business Headlines
 -  Corporate Headlines
 -  Business Special
 -  Columns
 -  IPO Center
 -  Message Boards
 -  Mutual Funds
 -  Personal Finance
 -  Stocks
 -  Tutorials
 -  Search rediff

    
      







 Secrets every
 mother should
 know



 Your Lipstick
 talks!



 Make money
 while you sleep.



 Bathroom singing
 goes techno!



 
 Search the Internet
         Tips
 Sites: Finance, Investment

Print this page Best Printed on  HP Laserjets
E-Mail this report to a friend

Sebi extends ban on Home Trade to June 10

Securities and Exchange Board of India on Friday further extended the ban on Home Trade Ltd, a broking firm allegedly involved in the government securities scam, from dealing in securities by one more month to June 10.

The regulator had on April 29 debarred the tainted firm from undertaking any activity till May 10 for its involvement in the multi-million government securities scam.

Home Trade was granted a post-decisional hearing on May 3, which was not attended by any of its representatives nor did they respond leading the market regulator to extend the ban upto June 10.

Sebi has decided to grant another post-decisional hearing to Home Trade on May 13, the regulator said in a release in Mumbai.

A police search has been launched for the directors of the firm, which was named in the April 25 complaint lodged by Nagpur District Central Co-operative Bank chairman Sunil Kedar against five broking entities.

The regulator in its order last month had said, "in the facts and circumstance of the case, Home Trade doesn't appear to be a fit and proper person to continue as a stock broker."

Sebi had said the Reserve Bank of India brought to its notice that NDCCB had violated the apex bank's instructions and entered into certain transactions of G-secs with the firm and these transactions "appeared to be fraudulent in nature."

"The conduct of the broker as evident from RBI's correspondence and other supporting documents appears to Sebi to be in violation of the code of conduct for brokers under Regulation 7 of Sebi (Brokers & Sub Brokers) Regulations, 1992," the order had stated.

ALSO READ:
Home Trade, Giltedge in deals with seamen's PF
Cops analysing Home Trade computers
NDCCB ex-chairman's PCR extended; aides attack scribes
Home Trade burns 780-million hole in 7 Gujarat banks
Amravati co-op banks take Rs 92.4-million hits
State may ban gilt deals with brokers
Nagpur bank flouted rules on non-SLR bond deals too
NDCC board superseded, administrator appointed
NDCCB chairman arrested in gilts scam
Banks may sell Home Trade collaterals
RBI orders special audit of gilts deals
UCBs withdraw deposits from Nagpur bank
RBI may supercede two other co-op banks too
Maharashtra to inspect 630 urban co-op banks
The SEBI Story
The Rediff Budget Special
Money

Back to top
(c) Copyright 2000 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

Tell us what you think of this report

ADVERTISEMENT