labels: dsq biotech, dsq holdings, investment - general, sebi
Sebi finds DSQ guilty of insider trading in DSQ Biotech sharesnews
Our Markets Bureau
03 March 2003
Mumbai: Securities Exchange Board of India (SEBI) has found DSQ Holdings (DSQH) guilty of insider trading in the shares of DSQ Biotech (DSQB) and debarred it from dealing in the securities market for five years with immediate effect.

DSQH is one of the promoter group companies of DSQB.

In his order dated 27 February, Sebi chairman G N Bajpai said: “It has been concluded that shares were purchased by DSQH on the basis of unpublished price-sensitive information of the impending rights issue of DSQB and indulged in insider trading.”

There was a steep jump in the share price of DSQB both in terms of price and volume during the June-December 1994 period.

Thereafter, the rights issue of the company opened for subscription and immediately after the closure of the rights issue, the DSQB scrip once again witnessed movement both in terms of price and volume, which sustained till the first quarter of 1996.

According to the order, the information that was received or accessed by DSQH regarding the impending rights issue of DSQB was neither available to the other shareholders nor was it made public.

 

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Sebi finds DSQ guilty of insider trading in DSQ Biotech shares