Indiabulls, others asked to desist from violating F&O norms

MUMBAI: Market regulator Securities and Exchange Board of India on Tuesday asked 15 stock broking firms, including Indiabulls, and ten other entities to desist from violating SEBI code on future and options (F&O) trading.

Indiabulls Securities Ltd and others were directed to 'cease and desist from indulging in futures and options contracts in violation of SEBI (Stock Brokers and Sub Brokers) Rules and Regulations, 1992 till further orders', SEBI said.

The regulator passed the order against brokers and entities for 'non-genuine trade transactions' at National Stock Exchange between January and March 2007 to create false and misleading appearance of trading and booking profits or losses on such transactions.

The 14 other brokers against whom SEBI passed the order include Kumar Share Brokers, CPR Capital Services, SMC Global Securities, Khandelwal Services, Shilpa Stock Brokers, Angel Capital and Debt Market, Vibrant Securities, Systematix Shares and Stocks, Steel City Securities, Ashika Stock Broking, Prashant Jayantilal Patel, PSJ securities, Pratibhuti Vinihit and Manu Stock Broking.

The ten entities which were asked by SEBI to cease and desist from indulging in futures and options trading are Rakhi Trading, Kasam Holding, Tungarli Tradeplace, Manu Vyapar, Raj Corporation, TLB Securities, Amar Mukeshbhai Shah, Shah Chirag Kirtikumar, Amit Business and Suresh Bharrat.