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1-min read

Sebi Fines 14 Individuals Rs 42 Lakh For Manipulative Trade

The Securities and Exchange Board of India (Sebi) had conducted a probe from September to December, 2016 in the trading of KTL's shares.

PTI

Updated:June 3, 2019, 7:21 PM IST
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Sebi Fines 14 Individuals Rs 42 Lakh For Manipulative Trade
The Securities and Exchange Board of India (SEBI) office building. (File photo)
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New Delhi: Markets regulator Sebi has slapped a total fine of Rs 42 lakh on 14 individuals for executing fraudulent trade in shares of Kushal Tradelink Ltd (KTL).

The 14 individuals were fined Rs 3 lakh each, totalling Rs 42 lakh, according to a Sebi order.

The Securities and Exchange Board of India (Sebi) had conducted a probe from September to December, 2016 in the trading of KTL's shares.

During the probe, the regulator found that the individuals were connected to each other, traded among themselves and manipulated the share price of the KTL.

"It is established that noticees (14 individuals) had contributed to manipulation in the scrip price of KTL, besides trading among themselves and indulging in synchronized and reversal trades, which are manipulative/unfair/fraudulent in nature," Sebi said in an order dated May 31.

They violated PFUTP (Prohibition of fraudulent and Unfair Trade Practices) norms, Sebi said, making them liable for monetary penalty.

In three separate orders, Sebi also imposed a total fine of Rs 15 lakh on three entities -- Mittal Pigments Pvt Ltd, MMG Steels Pvt Ltd and Manoj Goel -- for indulging in manipulative trade in illiquid stock options segment of the BSE.

The entities by engaging in non-genuine transactions, created a misleading impression of trading while dealing in stock options contracts in a fraudulent manner, Sebi said in separate orders dated May 31.

By doing so, the entities violated PFUTP regulations, Sebi said.

Accordingly, a fine of Rs 5 lakh each was imposed on the three entities.

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