SEBI bans 7 firms from securities trade
09 Dec 2010
The Securities and Exchange Board of India (SEBI) on Wednesday restrained seven companies - six of them Gujarat-based and one a Maharashtra firm – and their directors from accessing the securities market as they failed to redress investors' grievances, according to a SEBI order.
The ban will be in place till all investor grievances are resolved.
''These companies include Ishwar Medical Services, Neon Resins and Industries, Indo American Optics, Bhuvan Tripura Industries, Akar Laminators, Chicago Software Industries and Hindustan Industrial Chemicals,'' SEBI said in its orders.
''There were 143 investor grievances pending unresolved by Ishwar Medical Services Ltd as on 24 September 2008,'' it said.
Similarly, SEBI received many investors complaint against Neon Resins and Industries Ltd.
The orders, passed by SEBI whole-time member K M Abraham, will come into force with immediate effect.