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Sebi Imposes Rs 41 Lakh Penalty on 41 Entities for Fraudulent Trading Activities

A probe found the 41 entities entered into various trades in the nature of synchronised trades, reversal trades and off-market transactions which created misleading appearance of trading.


Updated:September 30, 2019, 6:37 PM IST
Sebi building
Representative image.

New Delhi: Sebi on Monday slapped penalties totalling Rs 41 lakh on 41 entities for fraudulent trading in the shares of Channel Guide (India) Ltd, which is now known as Iris Mediaworks Ltd.

A detailed probe into the movement of shares of the company found that 41 entities entered into various trades in the nature of synchronised trades, reversal trades and off-market transactions which created false and misleading appearance of trading.

The investigation was carried out by Sebi for the period during May 2009 and February 2010. During this period, the watchdog observed that the share price rose from Rs 15.15 on May 4, 2009, to Rs 123.50 on November 18, 2009, and subsequently decreased to Rs 12.25 on February 19, 2010, as per a Sebi order.

The regulator imposed a fine of Rs 1 lakh each on the 41 entities for violating the provisions of Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations.

In a separate order, Sebi imposed a fine of Rs 15 lakh on promoter of Pawansut Holdings Ltd — Laxman Singh Satyapal — for failing to make requisite disclosures regarding his shareholding in the company.

Passing the order, the watchdog said "details of the shareholding of the promoters/ directors/ majority shareholders and changes thereto are an important element for the proper functioning of the securities market".

Proper and timely disclosure thereof to the company and stock exchanges are of significant importance from the standpoint of investors, it added.

Cracking down on irregularities in the market, Sebi, in a separate order, has imposed a fine of Rs 7 lakh on six entities for fraudulent trading in the scrip of Golden Legand Leasing and Finance Ltd.

During the probe, Sebi found that the price of the scrip increased from Rs 11.39 on January 29, 2014 to Rs 345 on December 5, 2014. From December 8, 2014 onwards, the price started to decline and closed at Rs 116 on July 31, 2015.

According to the watchdog, the six entities contributed positively to the Last Traded Price (LTP) and created a misleading appearance of trading in the scrip.

"... such trades, in the facts and circumstances of this case, are non-genuine and that the only intention of such trading was to mark the price higher than LTP and thereby to manipulate the scrip price of Golden Legand Leasing and Finance Ltd," Sebi said. The fines imposed on the six entities range from Rs 50,000 to Rs 3 lakh.

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