SEBI ostracises 15 brokers for deals 'not done'

India's stock market regulator on Tuesday said it had found synchronised deals by brokers in the derivatives segment on the National Stock Exchange's which were false and misleading.

Following the revelation of some "non-genuine" transactions, the regulator has asked 15 brokers and 10 other entities not to indulge in distortion of the derivatives market.

"The entities/brokers have indulged in non-genuine transactions to create false and misleading appearance of trading," SEBI said in an order.

Indiabulls Securities Ltd., Khandwala Int. Fin. Ser. Pvt. Ltd. and Angel Capital & Debt Market Ltd. were among the fifteen brokers named in the order. SEBI said it had analysed transactions for the period between January to March 2007.