Harshad Mehta Scam India Compilation
Sebi debars Harshad Mehta from securities dealing; BPL, Videocon, Sterlite restricted
On Thursday, Sebi barred Harshad Mehta from dealing in securities. It also prohibited BPL Limited, Videocon International and Sterlite Industries from accessing the capital market for four, three and two years respectively. It also ordered prosecution proceedings against all the above parties.
Sebi finished its investigations into the alleged price manipulations in the scrips of BPL, Videocon and Sterlite in 1998.
Sebi completed its investigations in three stages. In the first stage, it found that a set of brokers and sub brokers acting on behalf of a common set of clients who were acting as a front for Harshad Mehta cornered large chunk of shares of Videocon, BPL and Sterlite. This cornering led to price manipulation and the scrip prices rose substantially. Sebi suspended 17 brokers (10 of BSE and 7 of NSE) for periods ranging from one to three years. Several other brokers were given lesser......
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Approximate Word Count: 1588
Approximate Pages: 7 (250 words per double-spaced page)
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Harshad Mehta Scam India Compilation
Harshad Mehta Scam India Compilation. Sebi debars Harshad Mehta from securities
dealing; BPL, Videocon, Sterlite restricted On Thursday ...
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