Markets regulator Sebi on Wednesday levied fines totalling Rs 1.15 crore on 15 entities for manipulating the share price of Parichay Investments Ltd (PIL).
The regulator imposed fines in the range of Rs 5 lakh to Rs 10 lakh on 15 entities.
The order came after the Securities Appellate Tribunal (SAT) in its ruling in August sent the matter back to Sebi to decide the matter afresh.
Earlier, Securities and Exchange Board of India (Sebi) had conducted an investigation in the trading in the scrip of PIL during July 2010 to August 2011.
Pursuant to probe, it was alleged that a group of 63 connected entities referred to as ‘Soni Group’ were dealing in the shares of several companies and had contributed to the price and volume.
Their trading pattern was analysed and it was observed that ‘Soni Group’ had traded in 266 scrips and out of them in five scrips (including PIL) their trades accounted for 20 per cent or more during July-October, 2010.
Out of the 63 entities constituting the ‘Soni
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