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Markets regulator Sebi has imposed a total penalty of Rs 2.4 crore on four individuals for indulging in fraudulent trading in the shares of Gemini Communication.
The Securities and Exchange Board of India (Sebi) has levied a fine of Rs 1 crore each on Sudhir Jhunjhunwala and Madhu Jhunjhunwala; Rs 25 lakh G Moorthi and Rs 15 lakh on Ritika Jhunjhunwala.
These four individuals "executed synchronised trades and had dealt in the scrip of Gemini 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 Gemini", it said.
By indulging in such activities, they have violated provisions of Sebi's PFTUP (Prohibition of Fraudulent and Unfair Trade Practices) norms.
The regulator had conducted a probe in the buying, selling and dealing in the shares of Gemini Communication during the period from January 2007 to April 2008.