2010 (10) TMI 1162

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....r of the National Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange Limited (BSE). It claims to be a part of the Keynote group which is said to be providing comprehensive investment banking facilities/advices in regard to the companies in India. The Appellant also claims to be providing the entire range of stock broking services backed by investment research. It further claims that it has a large retail network comprising of more than 75 terminals spread across the country with more than 6000 clients. The Appellant came out with a research analysis report in regard to the scrip of Pyramid Saimira Theatre Limited (for short PSTL) which anticipated/predicted that the price of the scrip of PSTL after 18 months would be &#8377....

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....t to mention that apart from the Appellant, there were several other entities found to be involved in the manipulation of the scrip of PSTL and they were prohibited from accessing the capital market while some of them had been told not to accept new clients. The ex-parte order was treated as a show cause notice to which the Appellant filed its reply denying the charges and also furnished the basis for giving the research analysis report in regard to the scrip of PSTL. The whole time member by his order of July 6, 2010 has confirmed the ex-parte ad-interim order stating that "As the investigation in the present matter is in an advanced stage, it would be prudent on my part to wait till the outcome of the investigation and review the act....