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Markets regulator Sebi on Tuesday barred 11 entities, including Farmax India, Vintage FZE, India Focus Cardinal Fund and Highblue Sky Emerging Market Fund, from securities market in a matter related to alleged manipulation of global depository receipts (GDR) issuance.
The regulator has directed Farmax to continue to pursue the measures to bring back the outstanding amount of $72.20 million into its bank account in India, according to an order.
The watchdog directed Arun Pachariya, Vintage FZE, India Focus Cardinal Fund and Highblue Sky Emerging Market Fund to disgorge illegal gains of Rs 51.74 crore and Rs 2.57 lakh jointly and
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