MUMBAI: Market regulator Securities and Exchange Board of India (SEBI) has barred Pyramid Saimira Theatre promoters Nirmal N Kotecha and P S Saminathan from trading in securities for allegedly forging a SEBI letter allowing an open offer.

SEBI has issued a show cause notice to Kotecha and his associates. In an interim order, pending investigation and passing of final order also debarred 228 persons and entities from trading in the markets including IPO.

Saminathan made misleading public announcements to create interest in Pyramid Saimira’s script. SEBI has said that Kotecha along with Rakesh Sharma and Rajesh Unnikrishnan played a key role to defraud investors and derive illegal profits.

In December last year SEBI had directed Saminathan to make an open offer for an additional 20 per cent stake at a price not less than Rs 250. Later, SEBI said that no such order or letter has been issued by SEBI to Saminathan.