You are here: Home » Markets » News
Business Standard

Sebi imposes Rs 33 lakh fine on eight entities for fraudulent trading

Also, Manoj Jain HUF, Manoj Kantilal Jain, Sanjay Kalwadia HUF are facing a fine of Rs 1 lakh each

Topics
SEBI

Press Trust of India  |  New Delhi 

Sebi
Sebi

regulator on Friday imposed a total fine of Rs 33 lakh on six individuals and two entities for indulging in fraudulent trading in STL Global Ltd's shares.

They violated Prohibition of Fraudulent and Unfair Trade Practices norms.

found that the entities traded among themselves through off market and on-market transactions in a way that the ownership of the shares circulated between them, while at the same time giving the appearance of high trading volumes in the scrip.

"Synchronized trades of 50.34 per cent (on BSE) and 7.65 per cent (on NSE) by the Noticees indicate that they had no intention to trade except to create artificial volume in the scrip to mislead the investors," noted.

Besides, the transactions were non-genuine as no consideration amount was paid by three entities for the transfer of shares, in violation of Securities Contracts (Regulation) Act.

Therefore, Sebi has levied a fine of Rs 30 lakh on eight entities which is to be paid jointly and severally.

The entities are Manoj Jain HUF, Manoj Kantilal Jain, Sanjay Kalwadia HUF, Shreeji Investment (Ritesh Vyas), Vijay Kumar Tayde, Abhishek Upadhyay, Sandhya Dharkar and Nitin Sen.

Also, Manoj Jain HUF, Manoj Kantilal Jain, Sanjay Kalwadia HUF are facing a fine of Rs 1 lakh each.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, October 22 2021. 21:24 IST
RECOMMENDED FOR YOU
.