The Securities and Exchange Board of India (SEBI) on Wednesday barred 17 firms and 9 individuals, all connected entities, from participating in the securities market as they were found executing synchronised deals in five stocks.
Two individuals of these connected entities, Harsh Shirish Maniar and Jay Shirish Maniar, are apparently sons of Shirish Maniar, the person chargesheeted by CBI along with Ketan Parekh in the case of Gujarat-based Madhavpura Mercantile Co-operative Bank.
SEBI said it has noticed certain inter-linkages between one of the entities and Maniar Group in the form of off-market transactions as well as synchronised deals on market. It observed a possibility that some of the funds originating from Parekh and routed to the connected clients, may have been used by connected clients to deal in securities market.
SEBI has also directed BSE to examine the dealings of Chimanlal Maneklal Securities Private Limited in the shares of Cals Refineries Limited which is in violation of SEBI norms.