Market regulator SEBI has revoked its interim order restraining White Horse Trading Company from the capital market in a case related to share price plunge in mid-cap stocks of four firms.
Mumbai: Market regulator SEBI has revoked its interim order restraining White Horse Trading Company from the capital market in a case related to share price plunge in mid-cap stocks of four firms.
The firms were Parsvnath, Tulip Telecom, Glodyne Technoserve and Pipavav Defence and Offshore Eng Ltd.
"The facts and circumstances of the case relating to the noticee do not suggest any emergent or urgent reasons to continue with the directions issued against the noticee vide the ad interim order at this stage," SEBI said in an order on January 8.
Citing that the entity had undergone restraint for five months following the interim order, SEBI said the probe in the case is still going on and a final view can be taken after its completion.
In August, last year, SEBI in an interim order had barred White Horse Trading Company along with some other entities from the securities market till further directions.
However, the regulator noted that no material is available on record to show any connection of White Horse Trading Company with other entities who contributed to the major price fall on July 26, 2012.
"...Noticee has dealt in only one scrip i.E. Glodyne and had sold total 5,206 shares of Glodyne during the identified price fall patch. There is no evidence on record to suggest any counterparty concentration in the trades carried out by the noticee," SEBI said, adding that White Horse Trading Company sold those shares of Glodyne in regular course of its transactions.
The probe relates to a sharp plunge of 20-26 percent in the shares of Parsvnath Developers, Pipavav Defence and Offshore Engineering, Tulip Telecom and Glodyne Technoserve on July 26 on the BSE and NSE.
These stocks witnessed sharp intra-day price volume movement even though no major corporate announcements or price sensitive information was disclosed to the exchanges by these companies during previous 15 days.