Sebi bans Balaji Investments, 2 others from markets for five years

Regulator Sebi has barred Shri Balaji Investments and two others from capital markets for five years for carrying out illegal trading and settlement activities.

The ban has been imposed on Balaji Investments, its owner Manaklal Panpaliya, and Sanjay Rathi, who was controlling the affairs of the corporation.

Sebi found that Balaji Investments became engaged in unlawful sports such as buying and selling in equity and by-product contracts outdoor the mandated platform of inventory exchanges or the terminals allocated to it and the transactions have been settled by using coins.

It had performed “Dabba buying and selling” with the aid of misusing its repute approved person, the Securities and Exchange Board of India (Sebi) cited.

Balaji Investments became a certified marketplace consultant of Angel Broking in June 2011.

“Balaji Investments by misusing its popularity as permitted person engaged in illegal buying and selling… Hence, I am of the view that Balaji Investments, its owner Panpaliya and Rathi have violated the provisions of… The SCRA (Securities Contracts Regulation),” Sebi Whole Time Member S Raman stated in an order dated July 20.

Accordingly, Sebi has restricted Balaji Investments, Panpaliya and Rathi from dealing within the securities market or having access to the capital market for five years.

Besides, they had been limited from associating with any intermediary registered with Sebi in any legit capacity for 5 years. Sebi, via an intervening time order in August 2014, had prohibited Balaji Investments, Panpaliya, and Rathi from the capital markets in any way, immediately or not directly, until similarly orders.

In that order, Sebi had prima facie observed that the entities had allegedly dealt in stocks of Tata Power, BHEL, DLF, Punjab National Bank, Reliance Power, HCL Tech and HDFC, amongst others, out of doors the buying and selling device of the exchanges. Besides, they had traded in by-product contracts in violations of securities market norms

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