Capital markets regulator Sebi on Friday slapped fines totalling Rs 75 lakh on 15 entities for indulging in non-genuine trades within the illiquid inventory choices section on BSE.
In fifteen separate orders, the regulator levied a fine of Rs 5 lakh every on Vanshika Gurbani, UNNO Industries, Vaishali Tushar Shah, Varshaben ManojKumar Jadav, Surendra Kumar Bagri HUF, Ketan Desai, Kiran Bhawani and Kiran Gupta.
Kiran Rasiklal Mehta, Ask Realty and Developers, Sunita Agarwal, Suresh Maheshwari, Usha Maurya, Union Commodities and Sunrise Legal Advisor and Consultant had been additionally penalised by the markets watchdog.
The Securities and Exchange Board of India (Sebi) had noticed large-scale reversal of trades within the illiquid inventory choices section of BSE, resulting in the creation of synthetic volumes on the bourse.
It performed an investigation into the buying and selling actions of sure entities engaged within the section on BSE from April 2014 to September 2015. According to Sebi, these 15 entities had been amongst those that indulged within the execution of reversal trades.
The reversal trades are alleged to be non-genuine in nature as they’re executed within the regular course of buying and selling, which ends up in a false or deceptive look of buying and selling when it comes to producing synthetic volumes, Sebi mentioned. The entities had violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices).
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