Sebi imposes Rs 7 lakh fine on five individuals

Sebi has slapped a total fine of Rs 7 lakh on five individuals for allegedly violating various market norms with regard to trading in the shares of Rockon Fintech.
It was alleged that the five individuals had entered into off-market transfer of shares of Rockon Fintech without any consideration, thereby, violating Securities Contracts (Regulation) Act.
While Anoop Bagaria and Anil Bagaria have been fined Rs 2 lakh each, a penalty of Rs 1 lakh each has been imposed on Poonam Gupta, Harsh Gupta and Rajat Gupta.
An investigation by Sebi (Securities and Exchange Board of India) into the trading in the scrips of Rockon Fintech had found that Anoop and Anil Bagaria had transferred 1.75 lakh shares in off-market transfers to Poonam, Harsh and Rajat Gupta during during March-April, 2011.

"No proof of payments has been produced by the suspected entities for the off-market transactions," Sebi said in two separate but similar worded orders, adding that "off-market transfers have been carried out without payment of consideration".
The markets regulator also found that Anoop and Anil Bagaria had violated certain provisions of Sebi Act and Sebi (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations by failing to comply with the summons to enquire about their off-market transactions during March-April, 2011 and hampering the investigation.