SEBI strikes on FIIs, Brokers over GDR maniuplation!

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

MAVI Investment


Sophia Growth and European American Investment Bank

List of 7 companies banned from share sale:

Asahi Infrastructure & Projects

IKF Technologies

Avon Corporation

K Sera Sera

CAT Technologies

Maars Software International and Cals Refineries.

List of Broking houses barred:

Basmati Securities

Oudh Finance & Investment

Alka India

SV Enterprises

JMP Securities

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