Sebi slaps fine worth Rs.15-La on 3 people for non-genuine trades
Sebi slaps fine worth Rs.15-La on 3 people for non-genuine trades

Securities and Exchange Board of India (SEBI) on Tuesday, April  11,  imposed penalties of Rs. 15 lakh on three individuals for indulging in non-genuine trades in the illiquid stock options segment on the Bombay Stock Exchange. 

The market regular, in 3 separate orders, slapped a fine of Rs 5 lakh each on Radhey Shyam Manchanda, Radha Devi Goenka, and Sanchit Arora. The regulator  observed a large-scale reversal of trades in the illiquid stock options segment of Bombay Stock Exchange. 
The caopital market regulator also conducted an investigation into the trading activities of certain entities engaged in the segment on the Bombay Stock Exchange from April 2014 to September 2015. 

Sebi said that the 3 individuals were among those who indulged in the execution of reversal trades. They had violated the provisions of Prohibition of Fraudulent and Unfair Trade Practices (FUTP ). 

“The reversal trades are alleged to be non-genuine in nature since they are executed in the normal course of trading, which leads to a false or misleading appearance of trading in terms of generating artificial volumes," the regulator said. 

Last year, Sebialso imposed penalties amounting to Rs 35 lakh on seven entities over non-genuine trades in illiquid stock options on Bombay Stock Exchange.

Sebi slapped a fine of Rs5.00 lakh each in seven separate orders on Vinita Agarwal, Banwari Lal Arora HUF, Arjun Sahoo HUF, Dazy Jain,  Pranita Kayan, Manish Kumar Soni, and Vinit Kumar Agrawal.

NSE Indices launches REITs and InvITs index

NSE to roll back 6-pc hike in Transaction Charges From today, April 1

Stock Exchanges seek clarification from Adani Enterprises on loan repayment

Join NewsTrack Whatsapp group
Related News