Sebi suspends Mefcom Sec

Sebi suspends Mefcom Sec
AGENCIES

MUMBAI, DEC 28: The Securities and Exchange Board of India (Sebi) has ordered suspension of Mefcom Securities Ltd - one of the brokers involved in the price manipulation of BPL, Sterlite and Videocon scrips last year - barring it from membership in the BSE and NSE upto September 8, 2000.

Mefcom was initially suspended from membership in the two exchanges for a period of 18 months on July 29, 1999. This suspension was to come into effect from the date when the terminal of the broker was switched off by the exchange and was in force till December 9, 1999.

According to Sebi, it was noticed that inspite of the suspension order "Mefcom Securities Ltd continued to trade at NSE till July 30, 1999..."