Left Menu
Development News Edition

Fraudulent trade: Sebi slaps Rs 45 lakh fine on five entities

PTI | New Delhi | Updated: 14-06-2019 17:51 IST | Created: 14-06-2019 17:47 IST
Fraudulent trade: Sebi slaps Rs 45 lakh fine on five entities
Image Credit: Wikipedia

Markets regulator Sebi Friday slapped a total fine of over Rs 45 lakh on five entities for carrying out fraudulent trades in the illiquid stock options segment on the BSE. A One Steel And Alloys Pvt Ltd, Raju Mukund Vanarase, Satya Narain Tulsian, Royal Fincomm Pvt Ltd and A One Steels India Pvt Ltd are the five entities facing action, as per Sebi's separate orders.

Sebi had conducted an investigation into the trading activities of several entities which were suspected to be entering into non-genuine trades in illiquid stock options from April 2014 to September 2015. The regulator found that the five firms were among the several entities that executed non-genuine trades by reversing trades with the same entities on the same day with wide variations in price without any basis for such wide variation.

"Notice (five entities) had indulged in a reversal of trades with its counterparties in the stock options segment of BSE by executing synchronised trades and therefore, such trades were non-genuine trades," Sebi said in separate, but similarly worded orders. By doing so, the five entities contravened PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations, the regulator said.

Accordingly, Sebi imposed a fine of Rs 15.6 lakh on Raju Mukund, Rs 10.6 lakh on Satya Narain, Rs 7 lakh each on A One Steel and A One Steels India and Rs 5 lakh fine on Royal Fincomm. The orders are in line with the Securities and Exchange Board of India's (Sebi) announcement in April 2018 regarding taking action in a phased manner against 14,720 entities for manipulative trade in the illiquid stock options segment.


TRENDING

OPINION / BLOG / INTERVIEW

Why COVID-19 is unstoppable in USA despite it being ranked at the top of GHS Index?

Several worst-hit countries such as Italy, France, Spain, the UK, Canada, and Russia have peaked COVID-19 cases in April. Almost all of them have gradually flattened the curve. However, the USA is setting new daily records of infections tha...

COVID-19 seems cooking biggest ever global scam

The increasing number of corruption cases on COVID-19 funds from throughout the world and involvement of high profile persons indicate that the countries cant ignore corruption in their pandemic response programs. This has generated the nee...

Health Management Information Systems lack holistic, integrated, and pandemic resilient character

Being a part of the United Nations system, the World Health Organization WHO deserves its share of rebuke for its alleged failure issue COVID-19 health emergency alerts on appropriate time. However, the pandemic has also exposed loopholes i...

Pride in the time of coronavirus: a welcome move online?

This year is different in many ways not least as celebrations are also taking place against the dramatic backdrop of a global health crisis and a resurgence in grassroots activism following the death of George Floyd in Minneapolis. ...

Videos

Latest News

Housing sales down 67% in Apr-Jun: Report

Housing sales fell 67 per cent at 21,294 units across nine major cities during April-June due to outbreak of the coronavirus pandemic and natiowide lockdown, according to data analytics firm PropEquity. Recently, property consultant Anarock...

Hong Kong to suspend all schools due to spike in coronavirus cases

Hong Kongs Education Bureau on Friday announced the suspension of all schools from Monday after a spike in locally transmitted coronavirus cases that has fuelled fears of a renewed community spread in the city.Schools in the Asian financial...

Modi asks Indians to be alert, safe and healthy to combat coronavirus.

Modi asks Indians to be alert, safe and healthy to combat coronavirus....

Lucy Liu to star in ABC’s workplace comedy pilot

Kill Bill star Lucy Liu is set to play the lead in a multi-camera comedy from Friends alum Shana Goldberg-Meehan, CBS Television Studios and 20th Century Fox TV. The untitled series will be directed by Christine Gernon, reported Variety.Liu...

Give Feedback