Financial Daily from THE HINDU group of publications
Wednesday, May 21, 2003
Financial Daily from THE HINDU group of publications Wednesday, May 21, 2003 |
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Markets
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Regulatory Bodies & Rulings Info-Tech - Stocks Cyberspace: SEBI warns Prabodh Artha Our Bureau
MUMBAI, May 20 THE Securities and Exchange Board of India today warned Prabodh Artha Sanchay Pvt. Ltd, a company allegedly involved in the share price manipulation of Cyberspace Ltd along with its promoter Mr Arvind Johari, to be "careful in future while trading" in such manner. The capital markets regulator on Tuesday issued a release saying that investigations into the dealings in the shares of Cyberspace revealed that Prabodh Artha Sanchay had transacted in the scrip of Cyberspace. "It was found, inter-alia, that Prabodh Artha Sanchay was acting in concert with Mr Arvind Johari to support the price of the scrip and create an artificial market in the scrip. Pursuant to a show-cause notice, written reply of Prabodh Artha Sanchay and personal hearing before the Chairman, SEBI, the Board after considering all the relevant facts of the case and vide its order dated May 13, 2003 directed Prabodh Artha Sanchay to be careful in future while trading in the aforesaid manner," the release said. Cyberspace (formerly Cyberspace Infosys Ltd) shot to infamy in mid-2001 when its promoter, Mr Johari, was arrested for alleged irregularities in a private placement of equity that his company made to the Unit Trust of India. The case is still under investigation.
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