Sebi slaps fine on 2 individuals for not complying with summons in Videocon case
The individuals, Surajit Dutta and Mithilesh Kumar Jha, failed to comply with the summons dated November 20, 2019, January 6, 2020, January 13, 2020, and January 20, 2020, issued to them by the investigating authority, Sebi noted in two separate orders
Markets regulator Sebi on Wednesday levied a fine of Rs 5 lakh each on two individuals for failing to comply with the summons issued by the authority in a matter pertaining to violation of market norms while dealing in Videocon Industries shares.
The individuals, Surajit Dutta and Mithilesh Kumar Jha, failed to comply with the summons dated November 20, 2019, January 6, 2020, January 13, 2020, and January 20, 2020, issued to them by the investigating authority, Sebi noted in two separate orders.
See Zee Business Live TV Streaming Below:
Sebi conducted an investigation between April 2017-September 2017 in the scrip of Videocon Industries for the possibility of insider trading and volume manipulation by certain entities.
Investigation observed that a group of 12 connected entities were trading on NSE and BSE and they allegedly entered into trades that were in the nature of reversal/ synchronized/spot trade/ off market transaction.
Their act of not complying with the summons hampered the investigation process. Their conduct "shows brazen unwillingness" on their part to cooperate with the investigation of Sebi, a statutory regulator and such defaults seriously compromise the regulatory framework, the regulator said in similarly worded separate orders.
Sebi further said that not paying heed to the summons issued by Sebi and resultant non-cooperation with the process of investigation cannot be taken lightly. Consequently, the individuals are facing fine of Rs 5 lakh each.
In separate orders, Sebi levied a fine of Rs 5 lakh each on six entities for indulging in non-genuine trades in illiquid stock options at BSE.
Sebi conducted investigation into the trading activity in illiquid stock options on BSE between April 2014-September 2015 after observing large scale reversal of trades in the stock options segment of the BSE.
By indulging in such trades, the entities violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms.
The entities are Binay Kumar Agarwal HUF, Alpna enterprises, Gourav Khandelwal, Neelam Ramniklal Dedhia, Om Sales Corporation and Niraj Damani.
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
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
09:54 PM IST