Securities market: Sebi bars Kiran Jain

Jain has been barred from market over irregularities in trading of shares of Cals Refineries and Bang Overseas.

This would be applicable from the date of the order. Meanwhile,in two separate orders,Sebi disposed of show cause notices issued to Ashok Jain,husband of Kiran Jain,and Eversight Tradecomm Pvt Ltd regarding alleged unfair practices in the trading of shares of two companies.

Sebi had observed synchronised deals in the scrips of Cals Refineries,Confidence Petroleum India,Bang Overseas,Shree Precoated Steels (presently known as Ajmera Realty & Infra India) and Temptation Foods Ltd.

According to the market regulator,inter-linkages between certain entities dealing in the five scrips were noticed in the form of off-market and market transactions including synchronised deals.

On June 4,2009,Sebi in interim orders had restrained Ashok Jain and Eversight Tradecomm from accessing the securities market till further directions. The orders were confirmed again in March 2010.

Sebi probe had found that Ashok Jain and Eversight Tradecomm contributed to the creation of artificial volumes in the scrips of Bang Overseas and Temptation Foods respectively.

Disposing of the cases,Sebi said that since the two entities had already been restrained from dealing in securities market since interim order in 2009,there is no need to further continue with the debarments imposed upon them.