Market regulator Sebi fines 11 individuals for pump and dump scheme

The Securities and Exchange Board of India (Sebi) has slapped a fine of Rs 7.75 crore on 11 individuals for allegedly operating a 'pump and dump' scheme in scrip of Svarnim Trade Udyog . The markets regulator has also debarred them from the securities market and ordered disgorgement of Rs 92.37 lakh with 12 per cent annual interest. The pump and dump scheme was operated through recommendations shared through Telegram channels, resulting in public shareholders purchasing the stock at an inflated price. Two of the individuals penalised in the matter have also faced regulatory action in another pump and dump scheme and the restrain period for them will begin after the serving the ban in the previous order.