Sebi today revoked its directions that had restrained JMP Securities from the capital markets in a case related to fraudulent trading in shares of six firms.
A preliminary probe by the Securities and Exchange Board of India (Sebi) had found that JMP Securities indulged in fraudulent trades in shares of -- Asahi Infrastructure & Projects, IKF Technologies, Avon Corporation, K Sera Sera, CAT Technologies and Maars Software International.
Based on prima facie findings, the regulator had banned JMP Securities from the capital markets through an interim order in 2011.
In its latest order today in this case, Sebi said that "the allegations leveled against JMP in the interim order could not be conclusively established by the material available on record".
Accordingly, Sebi has disposed of the interim order against JMP Securities Private Ltd and revoked the directions issued vide the earlier interim order and the subsequent confirmatory order with immediate effect, the regulator said in its order.
Under the interim order earlier, JMP Securities was restrained "from dealing in securities or instrument with Indian securities as underlying, in any manner whatsoever, pending investigation and until further orders".
