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Sebi Imposes Rs 95 Lakh Fine On 19 Individuals For Wrongful Trading

The regulator, in its investigation, found that the 19 individuals adopted the strategy of executing 3,266 trades in substantial quantities of the shares

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Capital market regulator SEBI has imposed a fine of Rs 95 lakh on 19 individuals for wrongful trading and falsifying shares in the stock market.

When SEBI investigated, it came to light that 19 people have misappropriated the shares of Global Infratech and Finance Limited and after this, the market regulator SEBI has imposed a fine of Rs 95 lakh on these people. While ordering these people, SEBI said that the penalty amount will have to be paid within 45 days.

This investigation was done in 2017-18 and after the investigation, now these 19 people have been fined. SEBI had conducted an inquiry between December 2017 and February 2018 to find out violation of norms set by PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) in the shares of Global Infratech and Finance Limited (GIFL) whose action was pending for a long time.

The regulator, in its investigation, found that the 19 individuals adopted the strategy of executing 3,266 trades in substantial quantities of the shares. This is 12.86 per cent of the total market volume, which ranged from 87 to 458 trades through a large number of trades for 39 days.

SEBI imposed a fine of Rs 5 lakh per person on the 19 people including Harishkumar Kantilal Patel, Vishalkumar Krishnakant Borisha, Pardhi Dhirubhai Khanabhai, Bhavin Natwarlal Panchal, Ankit Jagdishbhai Pithwa, Ketan Praveenbhai Panchal, Praveen Kumar and Rameshchandra Chitubhai.


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