UwidoNews

The market regulator Securities and Exchange Board of India (SEBI) has issued a show cause notice to NRI Nirmal Kotecha and his associates in the Pyramid Saimira forgery. The Board has barred the group from trading on the stock market till further notice.

The Securities and Exchange Board of India SEBI on Thursday barred Nirmal N Kotecha, the promoter and one of the largest stakeholders in Pyramid Saimira Theatre from dealing in the securities market till further directions.

Market regulator Securities and Exchange Board of India (Sebi) today banned Pyramid Saimira Theatre (PSTL) from dealing in stock markets for seven years after it found that the company colluded with seven persons to corner the portion reserved for employees in its initial public offer in 2006.

Shares of Pyramid Saimira have locked at 5% lower circuit to Rs17.4 after market regulator ordered promoters of the company, Nirmal N. Kotecha, Rakesh Sharma, Rajesh Unnikrishnan and Pratheesh Kumar V.K. not to buy, sell or deal in the securities market including IPOs, in any manner, either directly or indirectly, till further directions.

Pyramid Saimira Theatre Ltd (PYSA.BO) said on Tuesday a letter purporting to come from the Securities and Exchange Board of India (SEBI), directing its top executive to make an open offer for more of its shares, had not come from the stock market regulator.

Entertainment firm Pyramid Saimira Theatre on Wednesday nosedived nearly ten per cent to hit the lower circuit on the Bombay Stock Exchange BSE .

MCX Stock Exchange (MCX-SX) has applied to the Securities and Exchange Board of India, or Sebi, the capital market regulator, to offer trading in equities. If it wins approval, it would be the first greenfield equities exchange in India since the National Stock Exchange (NSE) started about 15 years ago.

RBI and SEBI has introduced guidelines for currency futures in stock exchanges to manage volatility in the value of rupee. According to the final guidelines of the panel, only USD-rupee contracts of size US$1,000 would be allowed.

Pyaramid Saimira Theaters Pvt Ltd (PSTL) chairman $ MD P.S.Swaminathan was arrested today under the sections of forgery and cheating and was later released by Tambaram court on conditional bail.