The Securities and Exchange Board of India has busted illegal trades under the 'casino' system in Kolkata by debarring the alleged kingpin, Sunil Kumar Kayan, from markets.
Sebi sources said Kayan was suspended for carrying on illegal trades outside the recognised stock exchanges, both in cash and futures and options segment through illegal use of the National Stock Exchange's terminals.
His suspension would continue till completion of inspection.
Sanjay Bansal, a ICSE member who provided trading terminals to Kayan, faced similar punishment. He was barred from the market pending inspection.
Lyons Range sources said the Sebi action against Kayan would curb 'casino' trades. More than a dozen 'casinos' have come up in and around Lyons Range.
Several were located just behind Writers' Buildings, seat of the state government, and 100 metres of Lal Bazar, the city police headquarters.
The combined business of the casinos will be several crores a day. Kayan said he was not perturbed with the Sebi order. "My life will not change," he said.
Sebi found Kayan's role detrimental to 'investors and securities market' and his action jeopardised 'the safety and integrity of the market.'