"Now a separate team from Sebi and stock exchanges will monitor the financial statements, guidance, and other corporate announcements."Īn email query was sent to Sebi and NSE went unanswered. "Several smaller companies are suddenly reporting huge growth in revenues and profits to manipulate stock prices," said a person aware of the development. Sebi met stock exchange officials earlier this week to monitor company activities.
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Now, with economic activity picking up and several penny stocks in the thick of action, the market watchdog has stepped up its scrutiny. The capital markets regulator has asked stock exchanges to keep a close watch on any misstatement in financial results, sudden change in accounting policies, resignation of key managerial personnel, sharp jump in profits ahead of fundraising or any other corporate announcements meant to push up the stock prices, said three people familiar with the development.Įarlier this year, Sebi set up a separate vigilance cell, called Corporation Finance Investigation Department, to tackle such cases.
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Mumbai: The Securities and Exchange Board of India ( Sebi) has beefed up its surveillance on companies indulging in window dressing to pump and dump stocks.