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.
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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