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Sebi fines individual for fraudulent trading

Press Trust of India  |  New Delhi 

Markets regulator has imposed a penalty of Rs 1 lakh on an individual for allegedly indulging in fraudulent trading practices in the of Millenium Cybertech.

After finding that Abhayraj Rampher Shukla violated various provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulation, the regulator imposed a fine of Rs 1 lakh on him.

A probe conducted by in the share trading of Millenium Cybertech Ltd (MCL) during May-September 2005 found that Shukla had bought 24,200 and sold 3,200 scrips of the firm through a stock broker and executed off market transactions of 2.7 lakh with various entities.

"Noticee (Shukla) had dealt in the scrip of MCL along with other clients in a fraudulent manner by doing transactions that are not genuine, resulting in the creation of a misleading appearance of trading in the scrip of MCL and manipulating the price of a security.

"Thereby allegedly violated the provisions of... Sebi PFUTP Regulations," the regulator said in an order.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 16 2017. 18:42 IST