Markets regulator Sebi has imposed a total penalty of Rs 2.4 crore on four individuals for indulging in fraudulent trading in the shares of Gemini Communication.
The Securities and Exchange Board of India (Sebi) has levied a fine of Rs 1 crore each on Sudhir Jhunjhunwala and Madhu Jhunjhunwala; Rs 25 lakh G Moorthi and Rs 15 lakh on Ritika Jhunjhunwala.
These four individuals "executed synchronised trades and had dealt in the scrip of Gemini in a fraudulent manner by doing transactions that are not genuine, resulting in the creation of a misleading appearance of trading in the scrip of Gemini", it said.
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By indulging in such activities, they have violated provisions of Sebi's PFTUP (Prohibition of Fraudulent and Unfair Trade Practices) norms.
The regulator had conducted a probe in the buying, selling and dealing in the shares of Gemini Communication during the period from January 2007 to April 2008.
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