Stories of price manipulation
Integra Capital Management (Rs15)
Integra Capital Management is categorised as a ‘B’ group NBFC and is supposedly into leasing, hire purchase and ‘wealth management’. According to its 2012 annual report, the 
company did not undertake a single hire purchase or leasing transaction nor did it earn any revenues from consulting and advisory services. Instead, it has invested nearly Rs2 crore in mutual funds, mostly in fixed maturity plans. The company has just two employees on its payroll. In the past, the company had flouted BSE’s disclosure norms. The company’s fundamentals are a joke. It has earned marginal revenues in the past seven quarters and has incurred losses in six out of the seven quarters, with a total net loss during the preceding seven quarters amounting to Rs47 lakh. Yet, the share price of the company has ballooned 265%, from Rs4.11 to Rs15 between 6 June 2012 and 18 July 2013. As on 31 March 2013, the promoters hold 75% of the company’s equity while the retail shareholders hold 25%.
Despite spending over crores of rupees on detecting price rigging, neither SEBI nor the BSE have noticed this blatant case of price manipulation.
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