Financial Manipulations on a Massive Scale
SEBI probes 59 GDRs that raised $1.2 billion (Rs 8,050 crores)
Mumbai: Markets regulator SEBI on Thursday said it is investigating 59 global depository receipt (GDR) issues by Indian companies for suspected manipulation and wrongdoing that involved trading of GDRs in foreign bourses and of underlying Indian stocks on exchanges in the country.
SEBI has directed the local custodian banks of these GDR issues, with a combined value in excess of $1.2 billion (Rs 8,050 crores), to furnish details about the beneficiaries holding such securities.
The regulator said the GDRs of companies being investigated include Aptech, Himachal Futuristic Communications, BSEL Infrastructure Realty, Birla Power Solutions, Zylog Systems and KEI Industries.
These GDRs were issued between 2002 to 2014.
-- From Times of India, the article
About the author:- A Teach For India
alumnus, Anuj spent two years working in an underprivileged school in Pune, teaching 120 children from the 7th and 8th grade, developing his leadership skills. For 8 years before the fellowship, Anurag was involved in developing and debugging embedded software and hardware as part of various design teams. He is now CEO of Ergoptix Mediquip Pvt Ltd
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