Sebi on Friday barred 24 entities from the securities markets for three years for indulging in the manipulation of the stock price of Sulabh Engineers and Services Ltd.
The order will come into force with immediate effect, the Securities and Exchange Board of India (Sebi) said in its order.
The order came after the Securities and Exchange Board of India (Sebi) conducted an investigation in the scrip of Sulabh Engineers to ascertain whether there were any violations of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms by 150 entities in the company’s stock during the period December 2011 to January 2015.
Following this, Sebi in its order in September 2020, concluded that 102 entities had violated PFUTP rules and restrained them from accessing the securities market. It also disposed of the show-cause notice against 47 other entities.
In its order, Sebi noted that the company had come out with two preferential allotments during March 2011 and March 2012. Thereafter,
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