Order against 17 entities for unfair practices

The Securities and Exchange Board of India (Sebi) on Tuesday passed an order against 17 entities in a case of market manipulation. The regulator also imposed a fine of Rs 77 lakh for unfair trade practices while trading in the stock of LGS Global.

The case relates to a 2011 investigation undertaken by Sebi on the 17 entities and their trades in LGS. It found these entities were connected to each other and were dealing in the LGS stock through multiple brokers, without any real change in the ownership of the shares. This led to an artificial rise in volumes and prices.