Sebi enforced Rs 1.20 cr fine on 16 individuals for forged trading.
According to an order, Total fine of Rs. 1.20 cr. has been imposed. Each 8 individual has been imposed on 10 lakh and 5 lakh on other 8 individuals.
All of them were connected directly or indirectly with each other and tickled in a group while performing the matched trades. Some of them also performed repetitive match trades, self-trades and price manipulation as per the meanwhile investigation. According to SEBI, the 16 individuals planned to buy Parichay Investments Ltd shares, increase its fake price, and then to sell those shares at high prices.
Consequently, it's concluded that the whole scheme was canny and forged which had made a fake and deceitful presentation in trading of Scrip.
Also, for forged trading in the shares of PSIT Infrastructure & Services Ltd., the watchdog charged penalties of total 42 lakh RS on 26 individuals.
During the period from May 1, 2012 to July 31, 2015, eight further deals in the shares of the company were investigated following unusual movement in BEE price.
According to SEBI, the individuals worked deviously for rising up the price of scrip. They also observed that this type of act disturbs the normal price discovery system of the securities market.