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MUMBAI: The Securities and Exchange Board of India has barred Nirmal Kotecha from the securities market for 14 years for indulging in unfair trade practices.

The regulator has alleged that Kotecha made illegal gains by circulating false news to the media based on a forged letter.

"The said period of 14 years of debarment would stand reduced by the period already undergone by the Noticee (Nirmal Kotecha) vide order dated April 23,2009," Sebi said.

Sebi has also directed Kotecha to pay Rs 32.5 lakh along with 12% interest per annum from December 22,2008 onwards.

The regulator alleged that Kotecha had forged a Sebi letter, which directed P S Saminathan one of the promoters of Pyramid Saimira Theatre to make an open offer within 14 days,for violating creeping acquisition norms, at a price of not less than Rs 250 per share.This was reported by some of the media on December 21 and 22,2008.

As a result, the shares of the company shot up on December 22,2008, while the company informed stock exchanges that it had not received any such communication from Sebi.

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