Markets regulator Sebi imposed a fine of Rs 8 lakh on four individuals for submitting fake documents with respect to their dealings in the scrip of Rockon Fintech Ltd (RFL).
A probe by the regulator into the trading of RFL from March to April 2011 found that the individuals submitted fake contract notes which dated from April to July 2009, according to a Sebi order.
The regulator observed that the contract notes submitted by the individuals were issued for the transactions done on NSE. However during 2009, the scrips were listed on only BSE and not on NSE.
"The brazen manner in which Noticees (four individuals) tried to deceive the investigating authority of Sebi by submitting fake contract notes and repeatedly furnishing false /misleading statements in response to the summons deserves stringent punishment," the regulator noted.
Accordingly, the Securities and Exchange Board of India (Sebi) imposed a fine of Rs 8 lakh on Poonam Gupta, Harsh Gupta, Rajat Gupta and Ramesh Gupta to be paid "jointly and severally."
In an another order, Sebi fined one Tejpal Ambalal Shah Rs 5 lakh for executing non genuine trades and thereby creating misleading appearance of trading in the illiquid stock options segment of BSE.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)