Sebi bars 11 entities for fraudulent trading in Unisys Software and Holding Industries scripPTI | New Delhi | Updated: 16-01-2020 20:06 IST | Created: 16-01-2020 20:02 IST
Markets regulator Sebi on Thursday restrained 11 entities from accessing securities market for three years for fraudulent trading in the scrip of Unisys Software and Holding Industries. During the period of restraint, the existing holding of securities, including the holding of units of mutual funds, of the entities will remain frozen, the regulator said.
"The trading behavior of the noticees has certainly been very unusual and apparently lacks honesty of intent of a genuine investor of securities market," it added. The noticees include Decent Vincom Pvt Ltd, Premsagar Vinimay Pvt Ltd, Nityadhara Plaza Pvt Ltd, Conquer Barter Pvt Ltd, Navdurga Investment Consultants Pvt Ltd and six individuals.
The order follows a probe conducted by the regulator during January 2010 to November 2014 into the scrip of Unisys. During the course of investigation, the price volume data in the scrip of Unisys was analysed. Sebi noted that there was continuous up and down movement in the scrip price of the firm and also observed that the entities were trading adversely in the scrip.
Sebi said the entities indulged in manipulative trades by contributing to negative as well as positive last traded price in the scrip repeatedly during different patches of the investigation period. Moreover, the repeated matching of trades of certain entities also suggested that they were connected to each other.
Consequently, Sebi barred the individuals from securities market for violating provisions of Prohibition of Fraudulent and Unfair Trade Practices norms. Separately, the regulator passed an interim order against investment advisory firm Money Desire Research and its partners Anoop Kumar Tiwari and Raghvendra Singh, restraining them from acting as investment advisors until further orders.
They have also been barred from accessing securities market, among other directions. The order came after Sebi received several complaints against the firm alleging that it lured its clients by promising expected returns and the amount of fees charged by the firm from its client is unreasonable, arbitrary and unfair as multiple payment for overlapping duration has been taken from clients for the same service.
Besides, risk profiling of clients was also not done properly. Sebi noted that the firm has not been fair in its dealing with the clients and thus passed the directions pending detailed investigation.
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