New Delhi:
Markets regulator Sebi on Wednesday slapped a total fine of Rs 20 lakh on four entities for indulging in fraudulent trading in the scrip of Anukaran Commercial Enterprises Ltd.
An investigation was conducted by the regulator between January 2012 and January 2015.
The Sebi investigation revealed that Anukaran’s scrip price saw an abnormal rise, which was not supported by any corporate announcements or material changes in the business activities of the company.
Some of the sellers were noticed to be selling their shares in minuscule quantities, despite having sufficient quantities of shares in their respective Demat accounts.
These sellers were also executing trades at a price higher than the last traded price on a continuous basis.
”Noticee nos. 1 to 4 by way of their acts and trades, which are clearly established to be manipulative and unfair, have distorted the price discovery mechanism of the securities market and have been found to be violating the regulations,” Sebi said.
Noticees refer to Rajesh Chetanji Tawri, Aanand Balavantrai Boghani, Kaushik Bipinchandra Dhanki and Mountain View Developers Pvt Ltd.
They are facing a fine of Rs 5 lakh each for markets norms violation.
In a separate order, Sebi imposed a fine of Rs 1 lakh each on stockbroker SKSE Securities Ltd and its sub-broker Aishwarya Avenues Pvt Ltd for failing to exercise due skill, care and diligence while dealing with their clients and allowing certain clients to do manipulative and fraudulent trades.
Separately, Eco Friendly Food Processing Park Ltd is facing a fine of Rs 10 lakh for its failure to submit the desired information as sought by the investigating authority vide summons issued in March 2016, while conducting an investigation in the matter relating to the initial public offer of Esteem Bio Organic Food Processing Ltd.
Sebi has also levied a fine of Rs 7 lakh on commodity broker Swastika Commodities Pvt Ltd for misusing clients’ funds, non-segregation of clients’ fund, non-settlement of funds and securities, among others, in violation of market norms and Sebi’s circulars.
