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Sebi fines Ranklin Solutions Rs 20 lakh for providing false information

Press Trust of India  |  New Delhi 

Markets watchdog Thursday imposed a fine of Rs 20 lakh on for providing false information to the regulator with regard to transactions executed by its

The regulator had sent notice to the firm in May 2013 and sought information regarding the transactions carried out by its MJVVD Prakash.

The regulator had also sought clarifications from the brokers -- and Infoline Ltd -- for trading done in the account of Prakash.

From the replies, observed that Prakash had done several transactions from his account and was aware of the transactions.

However, the company while replying to the summons said that Prakash was unaware of the transactions executed in his name whereas the records establish that Prakash was indeed aware of all the trades with both the brokers, said.

It is an admitted fact that Ranklin has submitted false information for the summons issued by the investigating authority (IA) and accordingly violated Sebi norms, the regulator said.

"It is pertinent to take into account that submitting false information with respect to the summonses has the potential to hamper and waylay the investigations and thus compromises the regulatory framework," Sebi noted.

Accordingly, the (Sebi) imposed a fine of Rs 20 lakh on Ranklin Solutions.

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

First Published: Thu, April 11 2019. 21:40 IST