Markets regulator Sebi has imposed a total penalty of Rs 30 lakhs on six individuals for indulging in fraudulent trading in the shares of Mapro Industries.

The regulator through an order levied a fine of Rs 6 lakh each on six persons Bijay Kumar Chourasia, Shyam Kanheyalal Vyas, Jyoti Jha, Mukund Kumar Jha, Satyendra Kumar Jha and Prem Lata Nahar.

Sebi had conducted an investigation in the scrip of Mapro Industries between November 2013 and June 2014.

The probe found that these entities were engaged in artificial and non-genuine trades with a view to manipulate the price of MIL. Such trades created a misleading impression of stock price increase.

By indulging in such trades, they have violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations, Sebi said on Friday.

In separate orders, Sebi has imposed a penalty of Rs 10 lakh and 8 lakh on the brokerage houses, Arihant Futures & Commodities Pvt Ltd and Kantilal Chhaganlal Securities Pvt Ltd, respectively for misusing clients' funds.

During the probe, Sebi found that Arihant Futures and Kantilal Chhaganlal have misused the clients' funds with credit balance for meeting obligations of debit balance clients.

By doing so, they have violated the provisions of SCRA (Securities Contracts Regulation Act).

In an another order, the regulator has levied a fine of Rs 6 lakh on Era Infra Engineering for disclosures lapses.

The firm did not submit compliance certificate to the exchanges and did not give make submission about investors complaints to the bourses within specified time as required under LODR (Listing Obligations and Disclosure Requirements).

Separately, the regulator has slapped a fine of 3 lakh on Viking Industries for failing to make disclosure to 20 Microns Ltd and exchanges when its shareholding in the company crossed 5 per cent threshold thereby violating the provisions of SAST (Substantial Acquisition of Shares and Takeover) and PIT (Prohibition of Insider Trading) norms. #casnsaar (Source- PTI)