Sebi halts trading in Bharat Global Developers over suspected stock price manipulation
Live MintThe market regulator has suspended trading in Bharat Global Developers Ltd’s shares until further notice over allegations of fraudulent activities and false disclosures in a rare such action. "The shocking falsities presented by BGDL as legally required disclosures to the exchange expose a clear fraudulent scheme," said Sebi's order, authored by whole-time member Ashwani Bhatia. Regulator's scrutiny Citing Sebi's proactive in taking actions like freezing illegal profits and suspending trading in BGDL shares, Sanjay Israni, partner at Desai & Diwanji, said the present order was a rare event. Another person aware of the development, who requested anonymity, said although BGDL appeared LODR-compliant initially, the revelations in Sebi's order pointed to fraudulent activity.