Capital markets regulator Sebi has slapped fines totalling Rs 30 lakh on six entities for indulging in non-genuine trade in the illiquid stock options segment on the BSE.
In six separate orders on Monday, the regulator imposed a fine of Rs 5 lakh each on Shrenil L Zaveri, Skyrail Logistics, New Star System Solutions, Seema Didwania, Saroj Devi Bajoria and Pawan Kumar Kejriwal HUF.
The orders came after Sebi observed a large-scale reversal of trades in the illiquid stock options segment of BSE, leading to the creation of artificial volumes on the bourse.
It conducted an investigation into the trading activities of certain entities engaged in the segment on BSE from April 2014 to September 2015.
According to Sebi, these six entities were among those who indulged in the execution of reversal trades.
The reversal trades are alleged to be non-genuine in nature as they are executed in the normal course of trading, which leads to a false or misleading appearance of trading in terms of ..
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