Sebi slaps Rs 77 lakh fine on 16 entities for manipulating Gayatri Sugars' share price
Sebi conducted an investigation in the matter of Gayatri Sugars Ltd (GSL), a BSE-listed company. It was to ascertain whether there was any violation of Sebi norms and PFUTP rules by certain entities for the period from April 10-23, 2018.
Capital markets regulator Sebi on Wednesday slapped fines totalling Rs 77 lakh on 16 entities for manipulating the share price and violating other norms in the matter of Gayatri Sugars Ltd.
The Securities and Exchange Board of India (Sebi) conducted an investigation in the matter of Gayatri Sugars Ltd (GSL), a BSE-listed company.
The probe was to ascertain whether there was any violation of Sebi norms and PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules by certain entities for the period from April 10-23, 2018.
Sebi's Adjudicating Officer G Ramar said, "I note that Noticee 5 to 16 have created misleading appearance of trading in the scrip of (GSL) by doing trades within them.
"Further, Noticee 4 made a deliberate attempt to increase and manipulate the price of the scrip." Apart from this, I also note that Noticee 1, 2 and 3 failed to reply to the summons issued by the regulator to them," Ramar added.
Through such acts, the entities have violated the regulatory norms and PFUTP regulations.
Accordingly, Sebi imposed a penalty of Rs 6 lakh on Zodiac Solutions, Rs 5 lakh each on Mehul Tulsidas Simaria, Mohan Project Contractors, Suudeep Luniya, Aakansha Rajendra Surana, Aayush Rajendra Surana, Anita Mahendra Surana, Beena R Surana.
Mahendra N Surana HUF, Mahendra Nihalchand Surana, Rajendra N Surana HUF, Rajendra Nihalchand Surana, Ashik Dhirubhai Sanghavi and Vishal Kiranbhai Sheth were also penalised Rs 5 lakh each by the markets watchdog.
Also, the regulator levied a fine of Rs 3 lakh each on Mangalbhai Valabhai Rathod and Ronakkumar R Patel, the order said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
GAIL share price target: Should you buy, sell or hold GAIL shares? Here's what brokerages make of PSU's Q4 results
Top 7 SIP Mutual Funds in 1 Year: What Rs 10,000, Rs 15,000, and Rs 20,000 SIPs have given in each fund
Special Live Trading Session on Saturday: Know why BSE, NSE will remain open on May 18; check timings
If you make RDs of Rs 5,000, Rs 10,000, Rs 15,000, and Rs 20,000 in post office, what will be your maturity amount?
Atal Pension Yojana EPFO National Pension System SWP Retirement Planning schemes provide pension every month
Gold and Silver rate today (May 16, 2024): Yellow metal futures subdued; white metal hits record high breaches Rs 87,000 mark
11:10 PM IST