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Sebi Slaps Rs 1.1Crore Fine on Crosseas Capital for Fraud Trade

The Securities and Exchange Board of India (Sebi) had conducted an investigation in the share dealing of Sudar Industries (earlier known as Sudar Garments) on March 11, 2011 - the day when the firm got listed - for any possible violation of securities laws.

PTI

Updated:September 28, 2017, 5:14 PM IST
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Sebi Slaps Rs 1.1Crore Fine on Crosseas Capital for Fraud Trade
The logo of the Securities and Exchange Board of India (SEBI) is pictured on the premises of its headquarters in Mumbai. (Reuters)
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New Delhi: Markets regulator Sebi on Thursday imposed a penalty of Rs 1.1 crore on Crosseas Capital Services for indulging in fraudulent trading activities as a stockbroker in the shares of Sudar Industries.

The Securities and Exchange Board of India (Sebi) had conducted an investigation in the share dealing of Sudar Industries (earlier known as Sudar Garments) on March 11, 2011 - the day when the firm got listed - for any possible violation of securities laws.

The probe found that Crosseas Capital had executed self-trades leading to the false and misleading appearance of trading in the shares of Sudar Industries.

"...noticee (Crosseas Capital) had executed large volumes of manipulative self-trades which resulted in 2.42 percent of the total market volume in the scrip of SIL (Sudar Industries) at BSE and 1.55 percent of the total market volume at NSE," Sebi General Manager and Adjudicating Officer Rachna Anand said in an order.

She further said indulging in such "substantial percentage of self-trades with manipulative intent to create a misleading appearance of trading, certainly is in the nature causing possible adverse impact in disturbing the equilibrium of fair market mechanism in the scrip of SIL".

"By such manipulative act/practice/artifice/mechanism and failure to comply with the code of conduct," Sebi said Crosseas Capital violated provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms and code of conduct under stockbrokers' regulations.

Accordingly, Sebi has fined Rs 1 crore for violating the PFUTP Regulations and another Rs 10 lakh for not adhering to stockbrokers' norms.
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