Sebi bars 11 entities from securities market for three years

Sebi today imposed a three-year ban on SG Global Exports, Majestic Builders and nine other individuals for indulging in fraudulent activities with respect to the shares of SG Capital Services way back in 1996.
These entities have been banned from the securities market for three years.
The case relates to unusual upward movement in the price of scrip of SG Capital Services in 1996.
Sebi's three-year ban would also be applicable to nine individuals of SG Global Exports and Majestic Builders, apart from SG Capital's Sanjiv Gupta.
Others are D P Singh, Ashwani Khera, Hemant Gopal, Ramesh Jindal, Rachna Gupta, Balraj Sharma, Manju Sharma and Virchand Jindal.

Sebi Whole-Time Member Rajeev Kumar Agarwal said it was pertinent to note that the transaction in question was executed way back in 1996 and the show-cause notices were issued in 2004.
"Thereafter, considerable time has been consumed in disposal thereof and the noticees have also contributed in that regard by seeking several adjournments of dates of hearings. There is no material on record to indicate that investors suffered any loss on account of acts and omissions as found in the case and show-cause notices do not allege so," he said in the order.