Taxation

Sebi imposes Rs 70 lakh fine on 10 entities for fraud trade

Markets regulator Sebi Thursday imposed a total penalty of Rs 70 lakh on 10 entities for indulging in manipulative trade in the shares of Shree Global Tradefin. The probe found that all 10 entities had indulged extensively as a group while executing match trades and some of these had executed repetitive self-trades as well as match trades By indulging in the manipulative trades, Sebi said the entities created a false and misleading appearance of trading in the scrip Accordingly, the regulator levied a fine of Rs 10 lakh each and Rs 5 lakh each. In a separate order, the capital markets watchdog slapped a fine of Rs 5 lakh on Ranisati Dealer for its failure to submit the desired information or documents sought by it through summons issued in July 2014 in the matter of Ravi Kumar Distilleries Ltd. Separately, Sebi imposed a penalty of Rs 2 lakh on Skyes & Ray Equities (I) Ltd for failing to comply with the provisions of quarterly or monthly settlement of funds and securities of clients on various occasions.

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