After finding that Abhayraj Rampher Shukla violated various provisions of Sebi PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulation, the regulator imposed a fine of Rs 1 lakh on him.
A probe conducted by Sebi in the share trading of Millenium Cybertech Ltd (MCL) during May-September 2005 found that Shukla had bought 24,200 shares and sold 3,200 scrips of the firm through a stock broker and executed off market transactions of 2.7 lakh shares 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.
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