Sebi bans 27 entities from capital markets

Don't want to miss the best from Business Standard?

The Securities and Exchange Board of India (Sebi) has barred 27 entities from the securities market for indulging in fraudulent trading in shares of Gemstone Investments and Spectacle Infotek.

In two separate orders, Sebi barred 17 entities for fraudulent trading in shares of Gemstone Investments and 10 entities for manipulation in shares of Spectacle Infotek. Nine entities are common in the two cases.

These entities have been prohibited from the capital markets for periods ranging from five to seven years.

"...the notices (entities) in the present proceedings were related/connected to each other and connived amongst themselves for execution of synchronised and self-trades, creation of artificial volume and price manipulation which distorted the market equilibrium and were fraudulent in nature," Sebi said in similar-worded orders dated January 4.

Sebi has already restrained 20 entities from the market for fraudulent trading in shares of Well Pack Papers and Containers.