The probe found that the entities were connected to each other and executed circular trading in the scrip of Mindvision, which resulted in creation of artificial volume.
"The scheme, plan, device and artifice employed by the noticees in this case of circular trading, tantamount to fraud on the securities market in as much as it involves manipulative transactions in securities and misuse of the securities market.
"It is established that the acts of noticees by indulging in circular trades were not just a coincidence and the same indicates their concerted effort and manipulative intent to create false and artificial volume of the scrip." Sebi said in its order dated January 11.
By indulging in such trading activities, the entities have violated the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations.
The entities had failed to make requisite disclosures under the provisions of Substantial Acquisition of Shares and Takeovers (SAST) and Prohibition of Insider Trading (PIT) norms.
Accordingly, Sebi has slapped a fine of Rs 5 lakh each on the two entities, while Universal Credit & Securities, Mahesh Ramanlal Shah, Kumar Raichand Madan, Fast Track Entertainment, Pooja Vinay Jain, Pragjibhai Mohanbhai Sukhadiya, Manjulaben P Sukadiya and Mangilal C Doshi HUF have been fined Rs 3 lakh each.