SEBI slaps Rs 1 crore fine on 11 entities for manipulative trade
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The regulator had conducted investigation from August 2013 to June 2014 regarding the trading in the scrips of Emed.com Technologies.
During the probe, Sebi found that the entities were connected to each other and had executed circular trades wherein they transferred shares in off-market to certain entities and then purchased back those shares in on-market, thereby giving misleading appearance of trading.
Besides, they contributed to positive last traded price (LTP) and establishing of new high price (NHP) in the scrip, the Securities and Exchange Board of India (Sebi) said.
"The group entities have contributed to the creation of artificial volumes and inflated/ manipulated the price of the scrip and thus violated...PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations," the regulator noted.
Accordingly, Sebi imposed a fine of Rs 10 lakh each on nine entities, including Pummy Garments Pvt Ltd, Sure Portfolio Services, Steady Capital Advisory Services, and Supreme Multitrade Pvt Ltd.
While a fine of Rs 7.5 lakh each was imposed on Olympia Sales Agency and Clarinete Realtor, totalling Rs 1.05 crore. PTI
Besides, in a separate order, Sebi levied fine of Rs 14 lakh on Sure Portfolio Services and Steady Capital Advisory Services for failing to disclose the change in shareholdings in the Emed.com Technologies to exchanges and the firm.
The fine is to be paid jointly and severally, Sebi said.#casansaar (Source - PTI, Economic Times)
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