Left Menu
Development News Edition

Sebi fines 10 entities for fraudulent trading in Mindvision Capital shares


Sebi fines 10 entities for fraudulent trading in Mindvision Capital shares

Market regulator Sebi imposed a fine totalling Rs 34 lakh on 10 entities for indulging in fraudulent trading in the shares of Mindvision Capital.

The Securities and Exchange Board of India (Sebi) had conducted an investigation in the trading activities of the company between June 2009 and February 2010.

The probe found that the entities were connected to each other and executed circular trading in the scrip of Mindvision, which resulted in creation of artificial volume.

The total volume that was contributed by the circular trading was 94,745 shares which is 12.5 per cent of the total market volume, Sebi noted.

"The scheme, plan, device and artifice employed by the noticees in this case of circular trading, tantamount to fraud on the securities market in as much as it involves manipulative transactions in securities and misuse of the securities market.

"It is established that the acts of noticees by indulging in circular trades were not just a coincidence and the same indicates their concerted effort and manipulative intent to create false and artificial volume of the scrip." Sebi said in its order dated January 11.

By indulging in such trading activities, the entities have violated the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations.

Besides, the two entities-- Nilesh Krushna Palande and Dadima Capital also failed to make necessary disclosures regarding change in their shareholding pattern in the firm.

The entities had failed to make requisite disclosures under the provisions of Substantial Acquisition of Shares and Takeovers (SAST) and Prohibition of Insider Trading (PIT) norms.

Accordingly, Sebi has slapped a fine of Rs 5 lakh each on the two entities, while Universal Credit & Securities, Mahesh Ramanlal Shah, Kumar Raichand Madan, Fast Track Entertainment, Pooja Vinay Jain, Pragjibhai Mohanbhai Sukhadiya, Manjulaben P Sukadiya and Mangilal C Doshi HUF have been fined Rs 3 lakh each.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION/BLOG/INTERVIEW

JNU Administration's 100-meter challenge before JNUSU

For the first time in its history, Jawaharlal Nehru University JNU Administration is seeking permanent deployment of local police to keep protesting students at 100 meters away from the Administrative Block. It would be interesting to see h...

Sentiment Analysis of Twitter users during COP25: Governments losing trust on Climate Action

Sentiment analysis of Twitter users during COP25 in Madrid, being held from December 2-13, shows widespread fear on climate change due to global warming but almost no trust on governments in meeting the emission targets. In the analysis the...

These innovators are making humanitarian response more efficient

These alarming trends prompt a call for the world to not only address the ongoing crisis but also to adopt innovative approaches to fulfill the growing humanitarian needs in such emergencies. ...

Hyderabad Encounter: A sentiment analysis of public mood on day of encounter

Sentiment analysis of twitter users revealed that they showered salutes on Hyderabad police for eliminating alleged gang rapists of the veterinary doctor but only a few believe in cops version of successive events leading to encounter....

Videos

Latest News

FTC may prevent Facebook from integrating Instagram, WhatsApp, Messenger

The Federal Trade Commission FTC is reportedly considering seeking a preliminary injunction against Facebooks plan of integrating multiple messaging services.According to The New York Times, the FTC is weighing whether the integration of Fa...

Researchers have found brain circuit linked to food impulsivity

Saying no to delicious food could be hard, but irresistible craving can land us in a dangerous situation. However, researchers have now found the brain circuit linked to over-eating which could put the problem under control. The state of im...

Elderly couple found dead with throats slit in Odisha

An elderly couple was found dead with their throats slit at Beleswar village near Cuttack city, police said on Friday. Their throats were slit with a sharp weapon and the bodies were found on Thursday night, the police said, adding, the in...

BJP can't bulldoze states to implement amended Citizenship

Lashing out at the BJP-led Centre over the amended Citizenship Act, West Bengal Chief Minister Mamata Banerjee on Friday said she would not allow its implementation in the state under any circumstances. Addressing a press meet here, Banerj...

Give Feedback