Regulation: Vaswani’s stock

Manipulation, time & again

The Securities and Exchange Board of India’s (SEBI) action in the Vaswani Industries’ IPO (initial public offering) whose listing was halted in May, raises more questions than it answers. This is a company caught in the most brazen episode of stock manipulation. Consider this. A group of intermediaries engineered an 11.3 times over-subscription of the IPO in the high...

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