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SEBI suspects irregularities on IFSL, Minal Engineering trades
Mumbai: The Securities and Exchange Board of India has passed an order on suspected irregularities in the share trading of IFSL Ltd and Minal Engineering.

According to Sebi IFSL listed on the BSE in September 1996, and suddenly proposed to diversify in 2005 into an unrelated area of implementing power projects through the acquisition of a company called San-Infra Trading Pvt Ltd. Sebi said IFSL did not provide sufficient details on San Infra.

The department of company affairs describes San Infra as a firm registered only in 2002 and engaged in "retail trade not classified elsewhere".

The shareholding pattern of IFSL showed that while the promoting company held only 17 per cent of the share capital, the non-promoter holding included a few brokerage firms, including Fortis Securities, Fortis Finvest Ltd, Prowess Financial Services Pvt Ltd, India Bulls Financial Services Ltd and K & A Securities Pvt Ltd.

IFSL has come under Sebi's scanner on suspicious movements of its share price not supported by retail buying and fundamentals of the company.

An inquiry is in progress.

Similarly on Minal Engineering, Sebi has found that the movements of its share price suspicious

BSE has transferred the shares of Minal Engineering to the trade-for-trade segment on February 22, and to reduce the circuit filter in the shares from 10 per cent to 5 per cent on March 11, Sebi said.
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