The fine has been levied in the range of Rs 500,000 to Rs 3 million on these individuals.
The regulator had conducted an investigation in the scrip of Ushdev International during April 2010 to January 2011 to look into the possible violation of the provisions of the Sebi Act.
The probe found that all 19 entities had indulged extensively as a group called, while executing match trades and had also indulged in executing repetitive self-trades, reversal trades and price manipulation through last trading price (LTP) contribution, new high price (NHP).
"I find that by indulging in.... manipulative trades, the entities not only created artificial volume in the scrip but also gave a misleading appearance of trading in the scrip," Sebi Adjudicating Officer Sahil Malik said in an order passed dated November 14.
These match trades, self-trades and reversal trades during the investigation period for such volumes and over a period of time further establishes that the entities were acting in concert and such trades could not have been carried out without the meeting of minds for such manipulation in the market, he added.
"I conclude that the entitles being related/connected with one another, had traded in the scrip in a manipulative manner and thus violated... the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations warranting the imposition of monetary penalty," Malik noted.