20 Jun 07 Futures and Options (F&O) Scam
SEBI has unearthed a F&O scam where operators artifically maniplualated prices of futures and options contracts (f&o) traded in NSE by price rigging through circular trading in the futures and options (F&O) segment. SEBI is investigating the case and has not yet passed its final order. For now SEBI has passed a cease and desist order to the 10 entities and 14 brokerages involved. The order was passed by SEBI’s whole time director Anantharaman, the man who was instrumental in identifying the IPO Scam. The modus operandi involved buying and selling futures and options contracts in the NSE F&O market, at prices which were significantly different from the market price at which the underlying was trading, and then selling them off before the closing bell. Thus the volume was artificially jacked up. Some of the entities and brokerage firms involved in the scam are Indiabulls Securities, Angel Securities and SMC Global Capital markets.
Related Posts
Reader's Comments
Leave a Comment
Sub: Rigging in Pochiraju IPO (read as SCAM)
I am Aditi Debnath, ICICI Demat Account Holder – A/c Number- 8501018554.
Recently SEBI’s whole time director Anantharaman has identified the IPO Scam involving artificially jacking up the price of Pochiraju Industries just after the listing.
As a result of the above Scam I suffered a loss as I had bought 12000 shares of Pochiraju on 9th Feb 2007 @ Rs. 59.00 per share.
I had sent emails to various concerned authorities including ICICI Securities but no one bothered to reply.
I hereby request you to once again reply what action is being taken against the identified “entities†who placed large orders much below the market price to artificially jack up the price and in what manner SEBI and other concerned authorities are going to make up for the losses incurred by hapless retail investors like me.
The beneficiaries of the scam should be asked to reimburse the money to the effected parties like me.
I want to know under the Right To Information Act the following :
1. What “solid action†SEBI has taken apart from “softly warning†the entities involved ??
2. What is the procedure for people like me who have incurred losses as a result of the scam ??
3. Under what IPC the SEBI is filing/ filed cases against the “entities†??
4. I request a copy of the same by return post.
5. How does SEBI plan to keep such operators in check in future not only in the IPO cases but in routine day to day trading as well , from rigging the prices artificially??
My question is can I get justice or not, I mean shall I pursue the case or not ??
I had sent emails to the following authorities :
1. helpdesk at icicidirect dot com
2. news at indiatvnews dot com
3. pehredar at moneycontrol dot com
4. coo at icicidirect dot com
5. sebinro at sebi dot gov dot in
6. iggc at sebi gov in
7. info at aarthiconsultants dot com
8. ignse at nse.co.in
9. cc underscore nse at nse dot co dot in
10. slalac at nse dot co dot in
11. cmlist at nse dot co dot in
I hereby urge the concerned authorities who read this message to reply to me ASAP.
Aditi Debnath
Contact Number: 9911911300
Home Address: U-8/41, Ground Floor , DLF-III , Gurgaon
@ Aditi – Hope you get justice soon
i wanna open a demat ac with smc securities. what is criteria?
This whole thing called the indian share market it rigged.When chor and anti national companies like Reliance and Icici are given the maximum weightage in the index,you know that the scamsters and politicians (who own icici bank through their money in temasek holdings)are sending you a message that if they go down,they will take the entire economy with them.That is the level of rigging and corruption in this country.I have also heard that the fii (politicians and criminals and businessmen)have a software wherein they can monitor the exact numbers of sell orders,buy orders and stop loss etc placed on the stock exchanges,and thereby always make money by sacrificing you the small investor if youre on the wrong side.Dont ask me how i know.
i have not got any justice so far, anyone , can anyone help me ?