Markets regulator Sebi today imposed a total penalty of Rs 1 crore on 15 entities for manipulative trading in the scrip of Aarya Global Shares and Securities.
The regulator had conducted an investigation into the alleged irregularity in the scrip of Aarya Global Shares and Securities -- formerly Kuvam International Fashions -- for the period from May 2010 to December 2011.
In an order, Sebi noted that 16 entities had traded among themselves and contributed positive last traded price variation of Rs 117.70 or 11.14 per cent in 72 trades. They had also contributed Rs 22 or 19 per cent of the total market new high price in 11 trades.
It is established that the entities have manipulated the price of the scrip of the firm by trading themselves and violated PFUTP (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, the regulator said.
The regulator disposed of proceedings against one of the 16 entities as she was a minor. However, Sebi said that it may consider initiating separating proceedings against the person responsible for the trades executed in the name of the minor.
In a separate order, the Securities and Exchange Board of India (Sebi) slapped a total penalty of Rs 40 lakh on two promoters of Glodyne Technoserve for disclosure lapses.
In another order, the regulator also imposed a total fine of Rs 15 lakh on Syncom Healthcare and six individuals for fraudulent trading and violating insider trading norms.
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