Sebi imposes Rs 7.45 million fine on 48 entities for fraudulent trading
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Markets regulator Sebi has slapped a total fine of Rs 7.45 million on 48 entities for fraudulent trading in the shares of Vandana Knitwear Ltd.
The entities have been fined for violating PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations.
An investigation was conducted into the alleged irregularities in trading in the scrip of Knitwear from March to December 2012. It was found that the entities who are connected to each other executed repetitive on-market and off-market transactions amongst themselves.
By indulging in such transactions, the entities violated PFUTP provisions, Sebi said in an order dated Aug 31.
"The off-market transfers that were made by the entities were a part of the whole scheme of manipulating the volume in the scrip and cannot be viewed in isolation," regulator said and imposed a total penalty of Rs 74.5 lakh on 48 entities.
In a separate order, Sebi imposed a fine of Rs 500,000 on Enbee Trade & Finance and its four promoters for disclosure lapses.
Enbee was fined for failing to disclose information regarding the additional promoters to the exchange.
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