Sebi slaps 4 entities for fraudulent trading activities on BSE
Sebi slaps 4 entities for fraudulent trading activities on BSE
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Securities and Exchange Board of India (Sebi) imposed a total fine of Rs 29 lakh on four entities for fraudulent and manipulative trading in illiquid stock options segment on the BSE. The capital market regulator noticed that such large-scale reversal of trades in stock options led to creation of artificial volume at BSE.

A fine of Rs 5 lakh has been imposed on York Financial Services Pvt Ltd, Rs 16.5 lakh on Radha Mohan Purshottam Das Jewels Pvt Ltd, Rs 6 lakh each on AHK Developers Pvt Ltd and Kewal Chand Jain.

The regulator conducted a probe from April 2014 to September 2015, and found that 81.38 percent of the trades executed in stock options were non-genuine, which led to the creation of artificial volume. The regulator noted that the four entities were among those that executed reversal of trades. Such trades were non-genuine in nature and created a false or misleading appearance of trading in terms of artificial volumes in stock options and therefore were manipulative and deceptive. The fraudulent trades conducted by the entities are in violation of provisions of the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) norms, Sebi said in separate orders.

Separately, the regulator has slapped a total fine of Rs 20 lakh on Nirmal Kotecha in a matter related to fraudulent and manipulative trading in the shares of Pyramid Saimira Theatre Ltd.

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