Capital markets regulator Sebi has restrained six entities, including Banhem Stock Broking and Ninja Securities, from the securities market and impounded wrongful gains of Rs 2.23 crore from them for involving in front running trades of Anvil Wealth Management.
Apart from these two, the other entities banned by the regulator are Kaushal Chandarana, Manish Mehta, Kashmira Mehta and Sumatilal Mehta.
Also, the entities have been directed not to dispose of any of their assets or securities, till such time the amount of wrongful gains is credited, the Securities and Exchange Board of India (Sebi) said in its interim order on Tuesday.
In its order, Sebi found that Ninja and Banhem traded in different securities ahead of the impending orders placed on behalf of portfolio management service provider Anvil Wealth Management. It was further noted that the common director of Ninja and Banhem — Manish Mehta — was connected with Kaushal Chandarana, portfolio manager of Anvil.
It was observed
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