Markets watchdog Sebi today barred one Tushar S Jhaveri from the securities markets for one year after finding him guilty of indulging in stock manipulation of Monalisa Infotech.
The Securities and Exchange Board of India (Sebi), in an order, has restrained "Jhaveri from accessing the securities market and prohibit him from buying, selling or otherwise dealing in securities, directly or indirectly, for a period of one year."
According to the regulator, Jhaveri sold the shares of Monalisa through various brokers of Ahmedabad Stock Exchange (ASE) and BSE and simultaneously purchased shares through other brokers at these bourses.
The trades thus executed were circular in nature and appear to have been executed with an intention to create artificial market in the scrip.
By indulging in such transaction, Jhaveri has violated provisions of PFTUP (Prohibition of Fraudulent and Unfair Trade Practices) regulations.
In a separate order, Sebi has disposed of case against Silver Smith India's promoters -- Bhushan Kumar Narul and Sidhi Narula -- saying the charges of not making shareholding disclosures within the stipulated timeline could not be established against them.
The regulator said it has disposed of "the adjudication proceedings initiated against the noticees (Narulas).
