After the brouhaha created by its first interim report in April this year, the Securities and Exchange Board of India (Sebi) has now managed to conclusively establish market manipulation only in respect of Ketan Parekh, Credit Suisse First Boston (CSFB), Dresdner Kleinwort Benson, First Global and Nirmal Bang. It has, however, given a clean chit to many including Anand Rathi, Dina Mehta and Ajay Kayan.
The nine-volume report, which was submitted to the Joint Parliamentary Committee probing the stock market scam and runs into several thousand pages, has also said there was a clear case of price rigging by Ketan Parekh and his associate firms in case of Lupin Laboratories and that several Bombay Stock Exchange (BSE) and National Stock Exchange members had manipulated prices of Amara Raja Batteries and Cyberspace Infosys.
The report has said the trading pattern of the Kayan group did not indicate any attempt to create an artificial price fall in the market post-Budget. Sebi has said it is still examining the trading details of JM Morgan Stanley.
Based on the Ernst & Young report, Sebi has also exonerated Anand Rathi by noting that the information obtained by him from BSE
