September 2018
11:22 AM IST
News Headlines
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
Circular Trades: Sebi imposes fine of Rs 16 lakh on two individuals
New Delhi, Aug 31 (PTI) Markets regulator Sebi today imposed a penalty of Rs 16 lakh on two individuals for indulging in fraudulent trading activities.

In three separate but similarly worded orders, the regulator imposed a total fine of Rs 10 lakh on Sunil Purohit and Rs 6 lakh on Haresh Posnak for violation of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices).

In Purohit case, Sebi had conducted probe into the alleged irregularity in the trading in shares of Today's Writing Products Ltd (TWPL) and K Sera Sera Productions during December 2003 to February 2004 and from May to July 2005, respectively.

The regulator also conducted an examination during May-July 2005 for possible violations of Sebi norms in scrips of K Sera Sera Productions by Posnak.

Sebi found that the two individuals along with other entities indulged in circular and synchronised trades and thereby created increased artificial volume and entered into transaction in securities without intention of change of beneficial ownership of such securities.

Synchronised or circular trading refers to a practice where the seller and buyer have an understanding between them on trading of specific shares.

By indulging in such transactions, the duo violated PFUTP regulations, Securities and Exchange Board of India (Sebi) said and imposed fine on them.

In a separate order, Sebi today imposed a fine of Rs 3 lakh on one Zakirbhai Motani for fraud trade by creating misleading appearance of increased trading in the scrip of BGIL Films and Technologies.

RCom to exit telecom fully to focus on realty: Ambani
Petrol, diesel rates scale new highs
Adani Capital to raise Rs 1,000 cr in growth capital in FY19
Vijaya Bank, Dena Bank, BoB to merge: Govt
Air India utilising just 21 of 27 Dreamliners for daily ops
RBI submitted a list of high profile fraud cases to PMO: Rajan
VU 100-inch 4K HDR smart TV launched in India for Rs 20 Lakh
US dollar ends higher against rupee
Gadkari pitches for alternate fuels; says govt not against petrol, diesel
Air India To Get Rs. 2,100 Crore From Government: Report
SBI hikes benchmark lending rate by 0.2 pc
PM launches India Post Payments Bank; postman to deliver doorstep banking services
IBA elects PNB's Sunil Mehta as chairman
India expected to surpass Britain to become world's 5th largest economy next yr: FM
DeMo led to more tax collection, higher growth: Jaitley
Company director sent to 6 months jail for TDS default
Petrol, diesel at new high; govt hopes it is temporary
YES BANK, Rajasthan govt. partner to launch payments wallet 'Bhamashah'
Narvar raises USD 30Mn in Series C Funding round
Tech Mahindra, Microsoft join hands to curb pesky calls
Bar bribery case: Court dismisses the vigilance report
 Thiruvananthapuram: The vigilance special court dismissed the report that absolved K.M. Mani from th  
State Kalolsavam to be held in December
Actor Captain Raju passes away at 68
Hartal affected normal lives
100 die in severe flooding in Nigeria: relief agency
 Lokoja (Nigeria), Sep 18 (AFP) Nigeria has declared a national disaster after severe flooding left a
Pak govt, Opposition agree for parliamentary probe into vote rigging charges
Air Tanzania to soon resume direct flights to India
Imran Khan govt auctions 70 luxury cars as part of austerity drive
BJP, Congress mock Mamata's foreign visit
 Kolkata, Sep 18 (PTI) The opposition Congress and BJP Tuesday mocked West Bengal Chief Minister Mama
Three infants die every two minutes in India: UNIGME
'Sidhu could have avoided hugging Pak Army chief'
India's first IAS officer Anna Rajam Malhotra dies
Untitled Page
Rashtra Deepika LTD
Copyright @ 2018 , Rashtra Deepika Ltd.