SEBI fines 21 entities for manipulating share price
By MYBRANDBOOK
Capital markets regulator SEBI has imposed a fine of Rs 1.05 crore on 21 entities for manipulating the share price of Sunstar Realty Development Limited (SRDL). The regulator has imposed a penalty of Rs 5 lakh each on these 21 entities and directed them to pay the amount within 45 days.
These entities were said to be involved in executing manipulative trades and carrying out trades with the connected parties, hence contributing to decreasing the price of the scrip and also in increasing the volume substantially during the investigation period.
SEBI’s Adjudicating Officer Barnali Mukherjee said these 21 entities were not acting as genuine traders and had no bona fide intention to trade in the scrip of SRDL. She said, “I therefore hold that the trading behavior of Noticee no. 1 to 21 vis-à-vis the scrip of SRDL has been ill motivated, fraudulent and was motivated towards manipulating the price of the shares of SRDL as well as to create artificial trading volume in the scrip of the SRDL. Such a trading behaviour is definitely in violation of ...of PFUTP Regulations.”
In a separate order, SEBI has restrained 11 entities, including Urban Infrastructure Venture Capital Ltd, its trustee and their respective directors, from associating themselves with any registered intermediaries, including mutual funds, Alternative Investment Funds and portfolio management services, which deal with investors’ money for a period of one year, for flouting venture capital fund rules.
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