Mumbai, July 16: Securities and Exchange Board of India (SEBI) has restrained Rajendra Kumar Banthia, Harvest Deal Securities Ltd, First Custodian Fund India Ltd and its directors, Shrikant G Mantri and others from dealing in securities in any manner until further orders. The regulator is conducting an inquiry into violation of regulations while dealing with Nedungadi Bank Stock, now merged with Punjab National Bank, in 1999-2000 and prima facie action was warranted to restrain these individuals and entities so that no further harm was caused to the securities market, SEBI chairman G N Bajpai said in the order dated July 14.

An inquiry officer has been appointed to probe the alleged violations, while the order restraining them comes into force with immediate effect, SEBI said in three different orders.


Bureau Report