SEBI bars seven companies from share sale over manipulation in their stock using GDRs which are listed abroad. The stock market regulator also cracked down on five FIIs and five brokers on account of GDR faults; involved in synchronized trading where FIIs were sellers and brokers were the buyers, later dumped on gullible investors at higher prices.
List of 5 FIIs barred:
India Focus Cardinal Fund
Sophia Growth and European American Investment Bank
List of 7 companies banned from share sale:
Asahi Infrastructure & Projects
K Sera Sera
Maars Software International and Cals Refineries.
List of Broking houses barred:
Oudh Finance & Investment