Sebi slaps Rs 65 lakh fine on 13 entities for flouting market norms

Capital markets regulator Sebi on Wednesday imposed penalties amounting to Rs 65 lakh on 13 entities for indulging in fraudulent trading in the shares of Swan Energy Limited.

Through an order, the regulator imposed a fine of Rs 5 lakh each on Jyoti Devi, Reena Verma, Shweta Goel, Rajeev Kumar, Akshit Gupta, Panchal Shanti Lal, Motilal Ahuja, Menika, Sanjay Gupta, Divesh Singh, Akash, Monika and Rakesh Kumar.

The order came after Sebi conducted an investigation in the trading activities in the scrip of Swan Energy Ltd (SEL) for the period January-March 2015.

The probe found that these connected entities were trading on the NSE and BSE during the investigation period and entered into reversal and synchronised trades in the scrip of SEL.

''By entering into synchronised trades on NSE and BSE, the entities had created a misleading appearance of trading in the scrip of the company and generated artificial volume,'' Sebi said.