Sebi fines MP broking firms

The Securities and Exchange Board of India (Sebi) today imposed a fine of Rs 50 lakh on Indore-based Coverage and Consultants (CCL) and Rs 10 lakh each on Sunil Biyani, a member of Madhya Pradesh Stock Exchange, and Sunil Shares and Stock Broker for market irregularities in two separate cases.

The Sebi imposed the penalty on CCL for its failure to furnish details of its role in the dealings in shares of Top Telemedia and Top Media Entertainment in 2000. It asked CCL to pay the amount within 45 days.

The Sebi had asked CCL Director Bhavar Joshi to appear before its investigating officer, with details of transactions performed by the firm during June-December 2000. However, the firm failed to submit the details despite repeated Sebi summons.

The Sebi, in a separate order, imposed a penalty of Rs 10 lakh each on Madhya Pradesh Stock Exchange member Sunil Biyani and Sunil Shares and Stock Broker for their role in manipulation of the Kwality Dairy India (KDIL) scrip in 2003.

"CCL has not complied with summons issued under the Sebi Act, 1992 and has failed to furnish the accurate information," the Sebi said.