Markets regulator Sebi has slapped a total fine of Rs 45 lakh on two individuals for indulging in manipulative activities and cornering the shares reserved for retail investors in IPO of various companies.
Sebi levied a penalty of Rs 25 lakh on Bhargav R Panchal and Rs 20 lakh on Hina B Panchal and noted that the activities of the individuals "adversely affected market integrity."
It further said, "the noticees have indulged into fraudulent and manipulative activities and employed deceptive device and scheme to corner the shares reserved for the retail individual investors in the... IPOs with the intention to defraud retail individual investors."
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