India’s Market Regulator Bars Seven Firms for Price Manipulation

India’s capital markets regulator barred seven companies from issuing shares or other convertible instruments after its initial investigation showed the firms manipulated prices through sale of global depository receipts.

Asahi Infrastructure & Projects Ltd. (ACHF), IKF Technologies Ltd. (IKF), Avon Corp., K Sera Sera Ltd., CAT Technologies Ltd. (CCRC), Maars Software International Ltd. (MRSSI) and Cals Refineries Ltd. (CALS) were the companies named by the Securities and Exchange Board of India in an order posted on its website today.

To contact the reporter on this story: Shikhar Balwani in Mumbai at

To contact the editor responsible for this story: Hari Govind at

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