Sebi bans 24 entities in tax evasion case

Markets regulator Sebi today confirmed its interim order banning 24 entities in a case related to tax evasion and money laundering through stock trading platforms, while detailed investigation have continued against others.
The entities are alleged to have misused the securities market system to artificially increase the share price of Mishka Finance and Trading Limited for providing long-term capital gain (LTCG) benefits to the preferential allottees of the company. Long-term capital gains carry tax exemption.
The Securities and Exchange Board of India (Sebi), through an interim order dated April 17, 2015, had restrained 24 entities, among others, from accessing the securities market till further directions in the matter of Mishka Finance and Trading Ltd.

In an order passed today, Sebi Whole-Time Member Rajeev Kumar Agarwal said he did not find any reason to revoke or modify the directions of interim order passed in April last year against the noticees.
Accordingly, the regulator has confirmed interim order passed against these entities.
"The interim order dated April 17, 2015 shall remain in force till further directions," Sebi said in an order today.
It further said detailed investigation in the matter is still in progress.
Among the 24 entities are Badamisati Apartments Private Ltd, Function Financial Consultants Pvt Ltd, Blue Horizon Commosales Pvt Ltd, Arunavo Mukherjee and Amit Singh.