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Sebi bans entity from securities market for 2 years

Press Trust of India  |  New Delhi 

Markets regulator Sebi Thursday barred HUF from securities market for two years for indulging in fraudulent trade practices in the shares of

Sebi conducted an investigation in the scrip of the company between November 2011 and November 2014 and found that Shah in spite of having substantial holding of shares, was repeatedly entering sell orders for miniscule quantity at price higher than last traded price (LTP) of the scrip.

"Noticee by executing the... sell trades has manipulated the price of the scrip and has created a misleading appearance of trading in the scrip," Sebi said in an order.

By doing so, Shah violated the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) provisions.

Accordingly, the regulator has banned HUF for two years from securities market.

In a separate order, the (Sebi) has imposed a penalty of Rs 2 lakh on L V Ramnarayan, promoter of Swarnajyothi Agrotech and Power for disclosure lapses regarding change in its shareholding in the firm.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 08 2019. 20:35 IST