Capital markets regulator Sebi on Tuesday levied fines totalling Rs 89 lakh on 15 entities for manipulating the share prices of BFL Asset Finvest Ltd (BAFL).
The entities have to pay the said penalty jointly and severally.
The regulator slapped a fine of Rs 54 lakh on Babulal Hansraj Lakhani, Ramanlal Ravchand Shah, Vinod Solanki, Bhagavatiben Vishnubhai Patel, Dhirajbhai Baladevji Thakor, Bharti Sharma, Pinesh Nareshkumar Shah, Jasmin Indu Shah and Mahendrabhai Naranbhai Patel.
It also imposed a penalty of Rs 30 lakh on Nishant Jain, Pradeep Kumar Jain, Dharmendra Kumar Jain, Dharmendra Jain HUF, Jaipur Infragold and Rs 5 lakh on Rajiv Maheshwari.
The order came after Sebi conducted an investigation into the trading activity in the scrip of BAFL during the period from February 2016 to June 2017.
The shares of the BAFL are listed on the BSE.
During the investigation, the regulator observed certain violations of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms.
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