Ilegal Trading- Bansal Sharevest Services Ltd. and associated entities
Securities and Exchange Board of India (SEBI) had come across information regarding alleged illegal trading in securities by M/s. Bansal Sharevest Services Ltd, a member of National stock Exchange (NSE) and Uttar Pradesh Stock Exchange (UPSE ). Shri Pradeep Kumar Bansal, who is a director of the broking firm is a member of Calcutta Stock Exchange (CSE), UPSE and Inter-connected Stock Exchange (ICSE). Therefore an inspection of M/s. Bansal Sharevest Services Ltd and Pradeep Kumar Bansal was carried out starting July 21, 2003. The inspection was conducted at the following offices of the broking companies – two office in Mumbai, Bhuj, Kolkatta, Mathura, Bangalore and office of the broker at Calcutta. The preliminary findings of inspection prima facie indicate illegal trading in securities by the above entities, outside the recognized stock exchanges.
Therefore in exercise of powers conferred upon under section 11 (1) , 11 (4) (b) and section 11 B of the SEBI Act read with section 3, (4) of the SEBI Act, SEBI has ordered that the following entities namely M/s. Bansal Sharevest Services Ltd, Member, NSE (cash segment), INB 231064339, M/s. Bansal Sharevest Services Ltd, Member, NSE (derivative segment), INF 231064339, M/s. Bansal Sharevest Services Ltd, Member, UPSE, INB 101064336, Shri Pradeep Kumar Bansal , Member, UPSE, INB 100859813, Shri Pradeep Kumar Bansal , Member, CSE, INB 030859814, Shri Pradeep Kumar Bansal , Member, ICSE, INB 240859810, Shri Pradeep Kumar Bansal , sub-broker, NSE, INS 230664315 be prohibited from, buying, selling or dealing in securities in the stock exchanges or outside the stock exchanges with immediate effect till the completion of inspection and determination of action on receipt of the report.