Mumbai, April 27: The Securities and Exchange Board of India today barred 24 big operators, including IndiaBulls Securities, from operating in the stock market because of their “abusive practices” in relation to initial public offerings (IPOs) of several companies.
Roopalben Panchal ' the housewife from Ahmedabad believed to be the unlikely mastermind of the scam that was perpetrated by opening millions of fake dematerialised accounts ' has been stopped from participating in the stock market.
The scam had come to light last October.
The market watchdog also directed 85 financiers, including Karvy Stockbroking and Anagram Securities, “not to buy, sell or deal in securities market, including in IPOs, directly or indirectly, till further directions”.
The report sent shivers through the market and several pundits expect a crash tomorrow.
“The market will tank but I do not see more than a 300-point drop,” said an analyst.