| Securities for indulging in transactions on behalf of Manojdev Seksaria, who was barred from trading for his involvement in the initial public offering (IPO) share allotment scam of 2006. |
| The capital markets regulator, in an order on Tuesday, said Brics Securities on January 14, 2006, sold 19,000 shares of Reliance Industries in the market on behalf of Manojdev Seksaria even when he was was debarred by Sebi. |
| In January last year, Sebi examined the IPO dealings of various companies wherein investigations revealed that Manojdev Seksaria along with several other entities had adoped a modus operandi of making applications in fictitious names for cornering the retail portion of IPO's. |
| On account of this, Sebi, on January 12, 2006, directed Manojdev Seksaria not to buy, sell or deal in the securities market, either directly or indirectly, till further directions. |
| Brics Securities, however, on January 13, 2006, conducted transactions on behalf of Manojdev Seksaria and sold shares over Rs 1crore in the securities market, thereby violating Sebi norms. |
| Brics has been as to pay the amount within 45 days from the date of receipt of the order. |
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