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Sebi slaps Rs 30 lakh fine on 6 entities for fraudulent trade

twitter-logoPTI | May 31, 2019 | Updated 20:23 IST

New Delhi, May 31 (PTI) Markets regulator Sebi Friday levied a total penalty of Rs 30 lakh on six entities for executing fraudulent trade in shares of Pankaj Piyush Trade and Investments Ltd (PPTIL) The six entities -- Shriniwas Bansal, Yogesh Bansal, Technofab Constructions Ltd, Usha Chahal, All Time Securities Ltd and Rekha Sharma -- were fined Rs 5 lakh each, totalling Rs 30 lakh, according to Sebi's order. The regulator had conducted a probe from December 2011 to October 2013 into the trading of PPTIL's shares. The probe found that the entities contributed to positive LTP (last traded price) and NHP (new high price) by trading among themselves to establish a higher market price and thus manipulated the price of the scrip of PPTIL, Sebi said. "Noticees (six entities)...by executing trades among themselves created false and misleading appearance of trading in the market," the regulator noted. By doing so, the six entities violated the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations, making them liable for monetary penalty, Sebi said. In a separate order, Sebi imposed a fine of Rs 25 lakh on five persons for indulging in manipulative trades in the scrips of Dee Kartavya Finance Ltd (DKFL). The individuals facing the penalty are Ashoka Majumdar, Bijay Kumar Chourasia, Samar Dey, Abhijit Sharma and Amarjeet Kumar. "It is established that the Noticees (the five individuals) have indulged into manipulative trades that resulted into increasing the price of the scrip of DKFL," Sebi said while imposing penalty on them. PTI VHP HRS

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