28 Apr 07 New IPO Scam – Foul Play in Pyramid Saimira, Shree Ashtavinayak Cine Vision, Pochiraju Industries, Cambridge Technologies, Mindtree Consulting on listing
Pyramid Saimira, Shree Ashtavinayak Cine Vision, Pochiraju Industries, Cambridge Technologies, Mindtree Consulting were among the seven companies that crashed on friday after news that SEBI is investigating foul play on listing of IPO’s of these companies, broke out. SEBI has barred seven entities from dealing in the stock market after SEBI found that they were involved in manupulating share prices of these companies on the day of listing of IPO’s, by creating huge order books, artificially, on the first day of listing. Investigations by SEBI, showed that there was an artificial enhancement of the order book by these entities by placing orders for a large amount of shares at a price much below the prevailing market price, thereby boosting the total buy quantity.
Related Posts
Reader's Comments
Leave a Comment
This is the first time I came across your site. Simply fantastic. Am going to be a regular visitor here. Thanks.
Thank you Sheth. Comments like this, make my day!