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Bansal-linked brokers seek alternatives

BS Bureau in Kolkata | July 24, 2003 11:15 IST

Lyons Range members, who were trading through the illegal extension of Pradeep Kumar Bansal's National Stock Exchange terminal till Tuesday, have started hunting for alternative arrangements following the Securities and Exchange Board of India-NSE joint raid on several offices of the broker including in Mathura, Bhuj, Kolkata Bangalore, and Mumbai.

Local brokers said Bansal has given as much as 65 leased lines in and around Lyons Range. Plus, his brokerage has branch offices at Burdwan, Durgapur and Asansol.

The state headquarters of Bansal at B B D Bag, the central business district of the city, wore a deserted look today, after the Sebi-NSE raid on Tuesday.

No key officials or investors were found on Wednesday.

The broking circle here seems convinced that the investigators would unearth illegal dabba trading. A source in the investigating team said papers seized from Bansal's offices revealed that he was also involved in kerb trading.

The Mathura-based broker has had a meteoric rise over the past couple of years.

A local broker said he was told that the databank having details of all trades of Bansal could not be accessed.

Lyons Range sources said Bansal had a website on kerb trading which was withdrawn in January after adverse media reports.

Then he was off the market for a couple of months and returned again with a bang.

However, the joint raid meant nothing to the investors who are trading at Bansal's branches in Burdwan, Durgapur and Asansol. It was learnt that they had no inkling about the raid even on Wednesday.

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