May 10, 2002 | 1401 IST
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Money > PTI > Report May 10, 2002 | 1401 IST |
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Sebi extends ban on Home Trade to June 10Securities and Exchange Board of India on Friday further extended the ban on Home Trade Ltd, a broking firm allegedly involved in the government securities scam, from dealing in securities by one more month to June 10. The regulator had on April 29 debarred the tainted firm from undertaking any activity till May 10 for its involvement in the multi-million government securities scam. Home Trade was granted a post-decisional hearing on May 3, which was not attended by any of its representatives nor did they respond leading the market regulator to extend the ban upto June 10. Sebi has decided to grant another post-decisional hearing to Home Trade on May 13, the regulator said in a release in Mumbai. A police search has been launched for the directors of the firm, which was named in the April 25 complaint lodged by Nagpur District Central Co-operative Bank chairman Sunil Kedar against five broking entities. The regulator in its order last month had said, "in the facts and circumstance of the case, Home Trade doesn't appear to be a fit and proper person to continue as a stock broker." Sebi had said the Reserve Bank of India brought to its notice that NDCCB had violated the apex bank's instructions and entered into certain transactions of G-secs with the firm and these transactions "appeared to be fraudulent in nature." "The conduct of the broker as evident from RBI's correspondence and other supporting documents appears to Sebi to be in violation of the code of conduct for brokers under Regulation 7 of Sebi (Brokers & Sub Brokers) Regulations, 1992," the order had stated. ALSO READ:
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