SEBI bars two individuals from securities markets for five years

New Delhi: SEBI barred two individuals from securities markets for five years for involvement in fraudulent trading in the shares of Sword-Edge  Commercials Ltd. In separate orders, the Securities and Exchange Board of India has restrained Ashlesh Shah and Dhirenkumar Dharmdas Agarwal from "buying, selling or dealing in securities   markets, in any manner whatsoever for a period of five years".    

However, SEBI said "prohibition already undergone by noticee (Shah and Agarwal) in terms of order dated October 1, 2014, shall be set-off from the period of prohibition imposed  in this order". These individuals have violated regulations related to PFTUP (Prohibition of Fraudulent Trade Practices) norms. In October, SEBI  restricted Sword-Edge Commercials (formerly known as Rotam Commercials) and 26 other entities  including Shah and and Agarwal and various Malani group entities, Shamanjwali Metals, Krupa Sanay Soni and Sanjay Soni  from the securities markets for five years.    

In a separate order, SEBI has asked Varun Shipping Company and Shayona Petrochem to be cautious in future while dealing grievances of investors. The company and its directors are "advised to take utmost care and be vigilant in future, in respect of redressal of investor grievances," SEBI noted. In April this year, SEBI had directed Varun Shipping  Company and its directors to resolve total pending 90 investor complaints within 30 days, failing which they would be  prohibited from the securities market till all the investor grievances pending against the company are resolved.    

Following this, the company has resolved all investors' complaints and that there are no pending complaints against the company. Besides, Shayona Petrochem has redressed investor grievances pending against it.