SEBI bars Pan Asia Advisors from stock market for 10 yrs

India Infoline News Service | Mumbai |

SEBI in its order barred Pan Asia Advisors and its promoter from accessing the capital market

Market regulator SEBI (Securities and Exchange Board of India) on Thursday barred Pan Asia Advisors and its promoter Arun Panchariya from stock market for 10 years for alleged market manipulation using global securities issued by six Indian companies.

The case relates to irregularities that were observed in the issuance of global depository receipts of Asahi Infrastructure & Projects, Avon Corporation, Cat Technologies, IKF Technologies, K Sera Sera and Maars Software International.

These entities were alleged to have been involved in large off-market transactions in its integrated market surveillance system (IMSS) regarding trading in scrips of certain companies.

The two entities were barred from the securities market by SEBI through an interim order in 2011.

 

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