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Monday, April 2, 2018

Securities and Exchange Board of India (Sebi) bans First Financial Services, 28 others from markets for 3 years Monday April 02,2018

Securities and Exchange Board of India (Sebi) on Monday April 02,2018 barred First Financial Services and 28 others from the markets for three years for orchestrating a fraudulent scheme involving preferential allotment route, which ultimately benefited a few allottees.

The move follows Securities Appellate Tribunal’s (SAT) directive to Sebi for passing the final orders in the matter by March this year. The markets regulator had conducted an investigation into the dealings of the First Financial Services Ltd (FFSL) stock as it observed abnormal movement in the price and trading volume of the scrip on BSE from 15 May 2012 to 31 March 2014.

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