Regulations
SEBI slaps Rs25 lakh fine on Central Bank's equity dealer and wife

SEBI observed that before placing the orders for CBI, shares were purchased in the account of Vibha Sharma and sold to match the orders of the bank. The couple thereby earned undue profits at the cost of CBI and its customers

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs25 lakh on one equity dealer of Central Bank of India and his wife for engaging in fraudulent trading, reports PTI.

The regulator said that the penalty of Rs25 lakh on Jitendra Kumar Sharma and his wife Vibha Sharma has to be jointly paid by the couple.

SEBI had conducted a probe on the trading activities of the couple from 1 December 2009 to 31 March 2010.

As per SEBI, Jitendra Sharma an equity dealer for the Central Bank of India (CBI) since 8 May 2008 used to place orders for the public sector bank with the brokers Kaviraj Securities and Trustline Securities. While, Vibha Sharma traded through broker, Eureka Stock & Share Broking Services.

It was found that the sell trades of Vibha Sharma matched 100% with that of the buy trades of CBI.

SEBI observed that before placing the orders for CBI, shares were purchased in the account of Vibha Sharma and sold to match the orders of the bank. The couple thereby earned undue profits at the cost of CBI and its customers.

"I observe from the material available on record that the noticees have earned an undue profit of about Rs71.58 lakh by indulging in the unfair and fraudulent trade practices," SEBI's Adjudicating Officer PK Kuriachen said in the order.

"These undue profits earned by the noticees fall upon the CBI and its customers and ultimately on the investors of the securities market. In other words, the undue profits earned by the noticees are nothing but the losses to them," it added.

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COMMENTS

Vaibhav Dhoka

4 years ago

Which agency will recover losses to banks which in turn is Central Banks investor.Is there any mechanism to compensate such fraudulent deals.There must be someone in Bank management party to this fraud.

BJP secures absolute majority in Gujarat

Congress suffered a major blow when its state unit chief Arjun Modhwadia and Leader of Opposition Shaktisinh Gohil, both contenders for the CM post, lost their seats

Ahmedabad: Chief Minister Narendra Modi on Thursday led the Bharatiya Janata Party (BJP) to a decisive win in Gujarat for a third time in a row with the party securing absolute majority clinching 103 seats of the 162 results declared for the 182-member assembly and leading in 13 seats, reports PTI.

 

Arch rival Congress, out of power in the state for the last 22 years, won 53 seats and its candidates are leading in seven more.

 

NCP of Sharad Pawar, which fought the election in alliance with Congress, has won two seats and JD(U) one.

 

Others have won three seats, including one by Gujarat Parivartan Party (GPP) of former Chief Minister Keshubhai Patel.

 

Congress suffered a major blow when its state unit chief Arjun Modhwadia lost the Porbandar seat to Babu Bokhiria of BJP by 17,146 votes, while Leader of Opposition Shaktisinh Gohil was defeated by Minister of State for fisheries Purushottam Solanki of the saffron party by 18,554 votes in Bhavnagar rural constituency.

 

Both were strong contenders for chief ministership in the event of Congress coming to power.

 

However, Shankar Singh Vaghela, Congress spearhead in the poll campaign and former state Chief Minister, managed to win Kapadvanj seat defeating Kanubhai Dabhi of BJP by a margin of 6597 votes.

Gujarat Parivartan Party president Keshubhai Patel scored a facile victory in Visavadar in Saurashtra defeating BJP's Kanubhai Bhalala by over 42,000 votes.

 

Though BJP registered an emphatic victory, five of its ministers fell by the wayside.

 

Those who lost included Agriculture Minister Dileep Sanghani (Amreli), Health Minister Jaynarayan Vyas (Siddhpur), Social Justice and Empowerment Minister Fakirbhai Vaghela (Vadgam), Minister of State for Forest and Environment Kiritsinh Rana (Limbdi) and Minister of State for Agriculture Kanubhai Bhalala (Visavadar).

 

It appears to be a near repeat performance by both BJP and Congress who had won 117 and 59 seats respectively in the last polls.

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Congress ousts BJP from power in Himachal Pradesh

Disproving predictions of a close contest, Himachal Pradesh lived to its reputation of voting out the party in power, giving the ruling BJP, which suffered from severe infighting and rebel candidates, only 26 seats, while Congress won 36 seats

Shimla: Riding an anti-incumbency wave and staving off corruption charges against its veteran leader Virbhadra Singh, Congress on Thursday wrested power from Bharatiya Janata Party (BJP) in Himachal Pradesh with a wafer-thin majority of 36 in the 68-member Assembly, reports PTI.

 

Disproving predictions of a close contest, the state lived to its reputation of voting out the party in power, giving the ruling BJP, which suffered from severe infighting and rebel candidates, only 26 seats.

 

The Independents, mostly BJP and Congress rebels, won five seats while Himachal Lokhit Party (HLP) floated by BJP dissidents won one seat.

 

In the last elections in 2007, the BJP had won 41 seats and Congress 23.

 

78-year-old Virbhadra Singh, a five-time chief minister who was given the reins of the party on the eve of elections and who ran a spirited campaign, won from Shimla (Rural).

 

Singh, against whom BJP had levelled allegations of corruption during his tenure as Steel Minister in Delhi in the campaign, is again a strong contender for the Chief Minister's post, political observers say.

 

He also appears to have emerged unscathed from the CD case filed by the Dhumal government in which charges were framed against him leading to his resignation from the Union Government.

 

While Chief Minister PK Dhumal won from Hamirpur constituency, his four cabinet colleagues Narinder Bragata, Khimi Ram, Krishan Kumar and Romesh Dhawala lost the elections.

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