The probe relates to a sharp plunge of 20%-26% in the shares of Parsvnath, Tulip Telecom, Glodyne Technoserve and Pipavav Defence & Offshore on 26th July on the BSE and NSE
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has said the restraining order on Ramkripa Securities, relating to the plunge in mid-cap stocks of four companies, would continue as the entity failed to give plausible explanation for its alleged trades, reports PTI.
Last year, the market regulator through an interim order had barred Ramkripa Securities from the securities market, following an initial probe into the steep decline in share prices of mid-cap stocks of Parsvnath, Tulip Telecom, Glodyne Technoserve and Pipavav Defence and Offshore Engineering.
“...the submissions of the noticee (Ramkripa Securities) do not give any plausible reason/explanation, at this stage, for its trades in the scrip of Glodyne as alleged in the interim order,” SEBI said in its order dated 18th January.
“I am of the considered view that no intervention is called for, at this stage, in either vacating the interim directions or modifying it, with respect to Ramkripa Securities Pvt Ltd,” SEBI’s whole-time member Rajeev Kumar Agarwal said.
The regulator said the probe in the matter is going on and appropriate action would be taken after its completion.
The probe relates to a sharp plunge of 20%-26% in the shares of on 26th July on the BSE and NSE.
These stocks witnessed sharp intraday price volume movement even though no major corporate announcements or price sensitive information was disclosed to the exchanges by these companies during the previous 15 days.
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