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Capital markets regulator Sebi on Thursday imposed a penalty of ₹5 lakh on H Bhavesh Securities and Commodities Pvt Ltd (HBSPL) for indulging in manipulative trading activities.
In February, the watchdog had restrained 39 entities from accessing the securities market and prohibited them from shopping for, promoting or dealing in securities in any method.
An investigation was carried out into 5 scrips — Spectacle Infotek Ltd, LGS Global Ltd, Goldstone Technologies Ltd, Gemstone Investments Ltd, and Well Pack Papers & Containers Ltd.
It was discovered that few entities together with the 39 entities indulged in manipulation of those scrips. HBSPL (noticee) was one of many entities that had transferred shares to numerous entities by off-market transfers in 5 scrips.
These entities have been discovered to have created synthetic quantity in these scrips and, thus, the act of the noticee was instrumental in creating synthetic quantity, Sebi mentioned in an order on Thursday.
Further, Sebi mentioned the off-market transfers have been made with manipulative intent which is additional corroborated with the truth that majority of shares have been transferred to administrators of the noticee who subsequently used these shares for creation of synthetic volumes available in the market.
HBSPL executed a number of off-market transfers with the group entities that helped them in creating synthetic quantity within the scrips of Spectacle, LGS, Goldstone, Gemstone and Wellpack throughout the respective durations of investigation, the order famous.
Such act of aiding and abetting manipulative trades is actually within the nature of inflicting antagonistic impression in disturbing the equilibrium of truthful market mechanism, Sebi’s Adjudicating Officer B J Dilip mentioned within the order.
In a separate order, the regulator levied a fine of ₹1 lakh on Sital Leasing and Finance Ltd for violating PIT (Prohibition of Insider Trading) norms. Sebi discovered that Sital Leasing and Finance did not make required disclosures of inter-se switch of shares between two promoters to the inventory alternate.
Separately, the watchdog imposed a penalty of ₹1 lakh on particular person, Kanchan Bihani, within the matter of Sanjivani Paranteral Ltd for disclosure lapses.
In an order handed on Wednesday, the Securities and Exchange Board of India (Sebi) imposed a fine of ₹2 lakh on Anoop Kumar Garg over disclosure lapses within the matter of Centron Industrial Alliance Ltd.
This story has been printed from a wire company feed with out modifications to the textual content.
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