The capital market regulator Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 5 lakh on domestic broking firm India Infoline Securities (IIFL), for alleged violation of the code of conduct for stock brokers.
In late 2008, a connected group was found executing synchronised, structured and reversal trades among themselves, which led to artificial volume and spike in the the scrip of Asian Star Company.
It was alleged that IIFL allowed Sunil Mehta to operate the account of his mother Usha Mehta, leading to manipulative transactions and failed to carry out its business with due skill, care and diligence, said the Sebi order.
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