SEBI Penalty: Market regulator SEBI has imposed a fine of Rs 95 lakh on 19 people due to fraud in Shire Bazar. Along with this, these people were ordered to pay the penalty amount within 45 days.
SEBI Penalty : Capital market regulator SEBI has imposed a fine of Rs 95 lakh on 19 people for wrongful trading and falsifying shares in the stock market. When SEBI investigated, it came to light that these 19 people have misappropriated the shares of Global Infratech and Finance Limited and after this case the market regulator SEBI has imposed a fine of Rs 95 lakh on these people. While ordering these people, SEBI said that the penalty amount will have to be paid within 45 days.
Let us tell you that this investigation was done in 2017-18 and after the investigation, now these 19 people have been fined. Markets regulator SEBI had conducted an inquiry between December 2017 and February 2018 to find out violation of norms set by PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) in the shares of Global Infratech and Finance Limited (GIFL). Whose action was pending for a long time. The regulator, in its investigation, found that these 19 individuals adopted the same strategy of executing 3266 trades in substantial quantities of the shares. This is 12.86 per cent of the total market volume, which ranged from 87 to 458 trades through a large number of trades for 39 days.
5 lakh fine imposed on every person
After finding these people guilty in the investigation and action of the case, SEBI imposed a fine of Rs 5-5 lakh per person on these 19 people. The names of 19 people like Harishkumar Kantilal Patel, Vishalkumar Krishnakant Borisha, Pardhi Dhirubhai Khanabhai, Bhavin Natwarlal Panchal, Ankit Jagdishbhai Pithwa, Ketan Praveenbhai Panchal, Praveen Kumar and Rameshchandra Chitubhai are among those against whom strict action has been taken. Against whom SEBI has taken strict action.
investors were misled
In one of its orders, SEBI said that such a repeated and uniform strategy of synchronized trades, involving substantial quantity of shares, was done. It found that synchronized trades, which were executed to mislead investors. SEBI termed it as a fraud and decided to investigate the matter and take action.
Source: www.tv9hindi.com”