Individual, two entities settle with Sebi cases related to illiquid stock options trading

Two entities and an individual on Friday settled with regulator Sebi cases of alleged fraudulent trading in the illiquid stock options segment on the BSE.

The individual and the two entities are Gurmeet Singh, Gulshan Investment Company Ltd, and Govind Trading Company (applicants).

According to three separate orders, Gurmeet Singh paid Rs 41.07 lakh towards settlement charges.

Besides, settlement amounts of Rs 10.07 lakh and 5.42 lakh have been paid by Gulshan Investment Company Ltd and Govind Trading Company, respectively.

They were alleged to have violated the provisions of the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations.

Pending the proceedings, they filed separate settlement applications with the watchdog.

Thereafter, the regulator settled the cases.

According to a separate order on Friday, an individual settled a case with the regulator over alleged violation of takeover norms after paying nearly Rs 4.78 lakh towards the settlement fee.

It was alleged that the applicant had delayed in making disclosures with respect to change in his shareholding in Frontier Informatics.