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The re-entry of Credit Suisse First Boston (CSFB) to the Indian financial space seems to be jinxed. Just when the Zurich-headquartered global financial major was trying to put behind its 18-month ban from India that was imposed in mid-2001, the market regulator has again barred the company from the Indian market for one month. In separate orders relating to a different case, Sebi also put 15-day bans on two depository participants, Induslnd Bank and Integrated Enterprises.
The ban on CSFB related to its dealings in the stocks of South East Asia Marine Engineering and Construction (SEAMEC, formerly Peerless Shipping) in 1999-2000, that Sebi found to be irregular. The order against CSFB was passed for the violation of code of conduct and the same will be effective 21 days after the date of the order, G Anantharaman, whole time member, Sebi, noted in his report. The order is dated August 10.
The case related to CSFBs dealings in SEAMEC shares on behalf of C Mackertich, an outfit related to Kolkata broker Ajay Kayan, and two other entities, Kallar Kahar Investments and Milhil Investments. Sebi had found that within an eight month period in 1999 and 2000, the scrip price had jumped from Rs 15 to Rs 389 and the total turnover in the counter was over 5.2 crore shares.
During the investigation, it was also observed that CSFB was continuously executing buy trades for smaller quantities at the next higher prices, even when the rates of scrips were falling. Therefore it was concluded in the investigation that CSFB was interested in the increase of the price of the scrip, the order noted. It was also found by Sebi that CSFB had executed structured deals on behalf of Mackertich and the other two entities. On Friday, Sebi also suspended two DPs, Induslnd Bank and Integrated Enterprises (India) for 15 days over irregularities in the allotment of shares of DSQ Software. The Sebi order noted that the suspension of certificate of registration of the DPs would come into effect three weeks from the day of passing the order. However, investors who have demat accounts with these entities will not be affected by the Sebi order. The suspension will not cover the instructions of the existing beneficial owners, so that the interest of the existing beneficial owners remains unaffected, the Sebi order noted.
During probe, Sebi had come across irregularities in allotment of scrip of DSQ Software relating to dematerialisation of shares allotted, besides irregularities in sale of shares allotted by several brokers and entities associated with the promoters of the company Probe revealed some other irregularities relating to opening of the demat account for people associated with the company.
Sebi also put 15-day bans on two depository participants, Induslnd Bank and Integrated Enterprises. CSFB ban relates to its dealings in stocks of South East Asia Marine in 1999-2000
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