Mumbai, Sept. 28 :    Mumbai, Sept. 28:  Leading stock broker Nirmal Bang died in a car accident this afternoon. In his mid-forties, Bang was killed instantly while two others were injured when his car overturned at a village near Talegaon on the Mumbai-Pune expressway. The news of Bang's death shocked the entire broking fraternity on key stock exchanges. Lawyers fighting his cases before the Securities and Exchange Board of India (Sebi) for alleged price rigging of shares were left aghast, and were believed to be reviewing their strategies. According to the state police control room, the driver of the car lost control after one of its tyres burst on his way to Mumbai. Bang, a reclusive broker who preferred to be more of a back-room operator, owned five stock broking and merchant banking entities. These have been banned by Sebi from undertaking fresh business following their alleged involvement in the stock market manipulation leading to the March 2 crash in the sensex. Going by the size of his operations, he was ranked among the top three brokers in the premier stock bourses. It was said that in the bull phase, his broking outfits used to record a daily turnover of Rs 200 crore, which was more than several regional stock exchanges put together. Bang's firms, which are currently under Sebi investigation, are Vama Securities, Nirmal Bang Securities Pvt Ltd, Bang Equity Broking Pvt Ltd, Bang Securities Pvt Ltd and Nadi Finance and Investment Pvt Ltd. Bang is said to have started his career as a sub-broker in one of Anand Rathi's broking outfits. He was also close to Manu Manek, the veteran bear operator. and had retained his style of operations. He was said to have been a bear, unlike a few of his fellow brokers and was reputed to have tremendous resources and trading limits. His rise has been the most spectacular with his outfits considered as one of the largest brokerages in the premier bourses. Big market players like Shankar Sharma of First Global have said to have used Palombe Securities, a sub-broker affiliated to Bang's main broking outfit to make proprietary trades. In an unrelated development, Shankar Sharma and Devina Mehra, promoters of First Global who are alleged to have been dealing through Palombe Securities, were arrested on Thursday, from the Chennai airport.