Sebi slaps Rs 20 lakh fine on broker in Adani Export case

The Securities and Exchange Board of India (Sebi) has slapped a fine of Rs 20 lakh on SPJ Stock Brokers for alleged fraudulent trading in shares of the erstwhile Adani Exports and violating stock brokers’ norms. The matter relates to a Sebi probe in the shares of Adani Exports (now known as Adani Enterprises) between July 2004 and January 2005 and August-September, 2005. During these periods, the shares had witnessed a huge spurt in volumes as well as wide fluctuations in prices, the Sebi order said.