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SEBI warns FII for indulging in short selling

MUMBAI SEPT. 23. A foreign institutional investor, Taib Bank EC, has been served with a warning by the Securities and Exchange Board of India for indulging in short selling on behalf of a sub-account holder and said such behaviour and violation of FII regulation in future would be viewed seriously.

The investigations had found that Taib Bank had conducted trades, involving short sells for Everest Fund (Mauritius) Ltd, which were in violation of regulations, SEBI said in a release here today.

The SEBI's whole time board member, T. M. Nagarajan, in his order dated September 20 warned Taib Bank that any recurrence of short selling or any violation of FII regulations in future would be viewed seriously.

A SEBI officer had recommended suspension of registration for three months, though it fell under the category of minor penalty, appeared to be harsher than warranted, Mr. Nagarajan said. — PTI

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