SEBI bars investors for 3 years in Nissan Copper IPO case

MUMBAI: The Securities and Exchange Board of India (SEBI) has barred a few investors, led by Yogesh Mafatlal Bhansali from trading in securities, directly or indirectly, for three years, in a case of alleged price rigging of Nissan Copper shares. The market regulator also directed impounding the profits to the tune of Rs 41.61 lakh made by these investors in those transactions.

SEBI said these investors made multiple applications for shares under the retail category of the Nissan Copper IPO, detrimental to the interest of retail shareholders.

"They made applications with different combinations of first, middle and last names, compounded with combinations of addresses to create a maze to escape weeding out of multiple applications. They indicated false PAN in some applications. They used the same PAN in different applications," the market regulator said, in an order on Wednesday.

"On noticing abnormal price movements on listing of the said shares on December 29, 2006, vide Order dated January 2, 2007, SEBI advised the stock exchanges to withhold the pay-out of securities and funds for 15 days in respect of trades in the shares of NCL executed on December 29, 2006 and January 2, 2007," it added.