Date:28/12/2005 URL: http://www.thehindubusinessline.com/2005/12/28/stories/2005122802091500.htm

Back SEBI bans CSE member

Our Bureau

Mumbai , Dec. 27

THE Securities and Exchange Board of India has suspended a Calcutta Stock Exchange (CSE) member Mr Mukul Bhattacharjee for a period of six months for manipulating the share prices of CSE-listed Blue Print Securities Ltd (BPSL) during the July-October period in 2001.

Cancelling the member's registration, the SEBI order said the probe by the regulator revealed that the BPSL scrip shot up from Rs 4.45 to Rs 21.40 during the period due to the alleged price rigging.

The Enquiry Officer who submitted the report on the manipulation on August 16, 2004, had recommended a major penalty of suspension of certificate of registration for a period of six months against the broker.

SEBI said, "Major trading volume in the scrip was generated by two CSE brokers namely J.T.Amirthasingh & Co and Mr Mukul Bhattacharjee".

The investigation revealed many cross deals executed by the broker from the same terminal.

There were number of trades of the broker that matched with that of J.T.Amirthasingh & Co in terms of order, price and timing, the order said.