Mumbai, Aug. 12: The Securities and Exchange Board of India (Sebi) today said there were more cases of “market manipulation and price rigging” in 2003-04 compared with previous years.

In 2003-04, 78 per cent of the cases taken up pertained to market manipulation and price rigging against 76 per cent in the previous year.

Notwithstanding criticism for its role in the Global Trust Bank affair, the market regulator praised itself in a status report, saying it has solved more cases in 2003-04 than any other year in its history.

Over the years, Sebi has undertaken 778 investigation cases, of which 576 have been completed. The highest number of cases (152) were completed during 2003-04. Some of these were pending from previous years. It took up 121 cases in 2003-04.

In 2000-01 and 2001-02, the number of cases with the market regulator were 111 and 125, respectively, while 29 and 106 were completed.

Summing up the status report, the market regulator said in 2003-04, on the basis of investigations, 438 show cause notices were issued to non-intermediaries who were found to have committed various violations against 252 in the previous year — an increase of 74 per cent.

Enquiry proceedings initiated against intermediaries were 287 (185 in previous year) and 201 adjudications for imposing monetary penalty (75 in previous year) against various entities, Sebi said.

While legal analysts commend the active role played by the market regulator, they also argue that it is not the “quantity” but the “quality” of the orders that matter. Many of the orders are challenged in the Securities Appellate Tribunal and are overturned in the superior forum.

Sebi has also used its powers under Section 11 B against 106 entities. However, this was lower than previous year when 140 entities were penalised under Section 11B of the Sebi Act, a fall of 24 per cent.

Sebi said the process of taking action against entities is “time consuming” and many of the investigations were recently completed. Sebi predicted that the number of disciplinary actions would go up in the current year.