Sebi cracks down on bulk SMS scam, bars 135 entities from securities market

The Securities and Exchange Board of India (Sebi) has restrained 135 entities from accessing the securities market and directed them to impound around Rs 126 crore of wrongful gains from alleged market manipulation done through bulk SMSes.The alleged manipulators first increased the price and volumes of five microcap companies through influencer entities and then circulated bulk messages with buy recommendations to public investors to lure them. Later, the players sold their previously acquired holdings in these companies at higher prices and booked profits.Sebi noted that the ultimate beneficiaries included promoters of some of the companies and the prima-facie mastermind behind circulation of these messages Hanif Shekh.The market watchdog has issued show cause notice to a total of 226 entities, including several mule accounts, for alleged market manipulation in five small cap companies namely, Vishal Fabrics, GBL Industries, Mauria Udyog, 7NR Retail, and Darjeeling Ropeway Company.The possible disgorgement in the case could go up to nearly Rs 144 crore.The markets regulator has cautioned investors to be aware of such fraudulent activities being carried out through SMSs, websites, and social media platforms like Telegram, Instagram, YouTube, etc. It further advised investors to only deal with Sebi registered intermediaries.In its investigation into the manipulation, Sebi used digital footprints, cash deposit receipts and bank transactions to identify the SMS senders and other entities involved in such illegal activities.Day 2: HMA Agro subscribed 55%The initial public offering (IPO) of buffalo meat exporter HMA Agro Industries was subscribed 55 per cent on Wednesday, a day before its close. The institutional portion of the issue was subscribed 37 per cent, retail by 38 per cent and high networth individual 1.2 times. The company has set a price band of Rs. 555- Rs. 585 per share for the Rs. 480-crore IPO. Through the public offer, the company is looking to raise Rs. 150 crore in fresh capital, which will be used for working capital requirements. The IPO also comprises a secondary share sale of Rs. 330 crore by promoters. Agra-based firm is a three-star export house recognised by the government of India. Rs. 567 crore ideaForge IPO opens on Jun 26Drone maker ideaForge Technology said on Wednesday that it has fixed a price band between Rs. 638 and Rs. 672 per share for its Rs. 567-crore initial public offering (IPO). The public odder is scheduled to open for public subscription on June 26 and conclude on June 29, according to the company. The IPO comprises a fresh issue of equity shares worth Rs. 240 crore and an offer for sale (OFS) of 48,69,712 equity shares. The offer also includes a reservation for a subscription by eligible employees. The IPO size could be Rs. 550.69 crore and Rs. 567.24 crore at the lower and upper end of the price band, respectively. Carlyle to sell 2.5% stake in DelhiveryPrivate equity major, Carlyle plans to sell 18 million share, or 2.53 per cent equity worth Rs. 720 crore in Delhivery via block deals on Wednesday. The base price for shares have been fixed at Rs. 385.5 per share as compared to Wednesday's closing price of Rs. 389 a share.

Sebi cracks down on bulk SMS scam, bars 135 entities from securities market

Impounds Rs 126 cr of wrongful gains; issues notices to over 200 entities

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