Capital markets regulator Sebi on Friday slapped fines totalling Rs 87 lakh on 15 individuals for manipulating the share prices of Kapil Raj Finance.
The Securities and exchange board of India (Sebi) investigated the trading activities of certain entities in the scrip of Kapil Raj Finance Ltd (KRJFL), a BSE-listed entity.
The investigation was mainly to ascertain whether there was any alleged trading by the suspected entities during the period from January to April 2018.
Sebi’s Adjudicating Officer G Ramar said, “I note that they (individuals) engaged in circular trading without change of beneficial ownership, contributing to nearly 80 per cent of circular trading volume, and thereby creating 22.2 per cent of trading volume, which was non-genuine and artificial, which created a misleading appearance of trading”.
By creating artificial volumes, they lured investors into trading in the scrip of KRJFL, he added.
Through such acts, the individuals have flouted the PFUTP (Prohibition o
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