The Securities and Exchange Board of India suspended the registration of foreign brokerage house Dresdner Kleinwort Benson Securities (India) Ltd (DKB) for 18 months with immediate effect for its involvement in manipulating scrip prices along with Ketan Parikh firms.
Though DKB had surrendered the certification of registration of its own to the capital market regulator, it was not accepted due to the pending inquiry proceedings against it.
DKB had admitted that Kartik Parikh, brother of Ketan Parikh, told the firm that if DKB put an order at a specific price and quantity, the order would be executed, Sebi said in an order dated April 29.