Sebi, the market regulator, fined seven entities, including six individuals, a total of Rs 3.8 crore on Friday for conducting circular trades in Sunteck Realty Ltd's shares.
The overall penalty imposed on five organisations is less than the sum imposed on them in a December 2019 order. According to the latest order, five entities will face penalties equal to their ill-gotten gains, while two others would face fines of Rs 5 lakh apiece. The five firms were fined a total of Rs 14.4 crore by Sebi in 2019, which was more than double their ill-gotten gains.
Chiranjilal Jayaram Vyas has been fined Rs 2,85,57,592, while Namdeo H More has been fined Rs 57,71,256, according to the order issued on Friday. Kishore Bhikaji Giri (Rs 3,56,506), Deendayal M Bohara (Rs 23,46,538), and Kishorilal Amrutlal Bissa are among those facing fines (Rs 1,27,888). In December 2019, the Securities and Exchange Board of India (Sebi) issued an order against the businesses, and they appealed the decision to the Securities Appellate Tribunal (SAT). The SAT remanded the case to Sebi in September 2021 for review of the calculation of the entities' illicit gains.
Crude Oil prices rebound after Aramco's Jeddah storage facility attacked
Global stock markets after the West pledged more sanctions against Russia
