SEBI resolves 2 more IPO scam cases.

Securities and Exchange Board of India (SEBI) has resolved two scam cases via consent order route after three years long investigation, reports Business Standard.

The scam involved 10,000 benami demat accounts with common addresses that cornered company shares set aside for small investors in initial public offerings (IPOs).

SEBI had passed an ex parte order in April 2006, directing HDFC Bank, a SEBI-registered depository participant (DP), not to open fresh demat accounts till further orders and the same was cancelled in November 2006.

SEBI settled the case, directing the HDFC Bank to pay Rs 100,000 towards settlement charges and it has also directed Jhaveri Securities, stockbroker and DP, to pay up Rs 100,000 towards settlement charges in another consent order. - MyIRIS

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SEBI finds no manipulation in ICICI stock prices.

Do you remember ICICI banks gtear fall.

It had many huge intraday falls , the one of 25% , who can afford to forget it.

ICICI was angry and approached SEBI for investigation.

The bank had in September sought an investigation by SEBI into its share price movement, alleging that rumours were being spread about the bank to deliberately bring down its stock price. The ICICI scrip had started to tank on news of its exposure to Lehman bonds, and although the bank’s CEO had announced that its fundamentals were sound, the fall was not arrested.

SEBI analysed the trading pattern of the shares of ICICI Bank for the period September 8 to October 10, 2008 when the scrip fell 49.52 per cent, from Rs 720 to Rs 363.65.

“SEBI did not find evidence of manipulative trading in the ICICI Bank shares during the period referred,” said the release.

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SEBI has no plans to stop short selling says C.B.Bhave

The Security and exchange bord of India (SEBI) commented that it has no plans to put a ban on short selling.

Many markets have put up an ban on short selling in West but SEBI has no such plans.

It aslo added that SEBI and stock exchanges cannot predict the market situations.

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Stock Update - Suzlon Energy.

I had recommended Suzlon Energy which is giving negative returns and had tumbled 13.8% yesterday.
The reasons behind this fall are -
Markets fell 6.6% i.e. 696 points.
SEBI on Monday ordered investigation of Suzlon IPO.
The stock rose 20% on Nov 3rd as the news came out that the company stake purchase of 22.48% in RePower was on track.
Over the past two months Suzlon energy has lost 73%.

Now I think this scrip is a good buy at a range of 48 - 52 for long term investors.

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