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SEBI Imposed a Fine of Rs 5 lakh for Fraudulent Trading Activities

Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 5 lakh on H Bhavesh Securities and Commodities Pvt. Ltd. (HBSPL) for indulging in manipulating trading of scrips.

In February, SEBI had restrained 39 entities for accessing into the securities market and prohibited them for buying, selling or dealing in any kind of manner in securities. It also started an investigation on five scrips including Spectacle Infotek Ltd., Goldstone Technologies Ltd., LGS Global Ltd., Gemstone Investments Ltd., and Well Pack Papers & Containers Ltd.

After the investigation of SEBI, it was found that few more entities are involved along with the 39 entities that are indulged in the manipulation of these scrips and it noticed that, HBSPL is one of the entities that had transferred shares to various other entities through an off-market transfer in five scrips. SEBI also found that it was done for creating artificial volumes in those 5 scrips.

It is noted in the order, that HBSPL had executed multiple off-market transfers with the various grouped entities which helped them in creating artificial volume in the scrips of Spectacle, Goldstone, LGS, Well pack and Gemstone.

In a separate order, SEBI imposed a fine of Rs 1 lakh on Sital Leasing and Finance Ltd. for violating PIT (Prohibition of Insider Trading) norms and, a penalty of Rs 1 lakh Kanchan Bihani, over the disclosure lapses in the matter of Sanjivani Paranteral Limited. On Wednesday, SEBI had also imposed a fine of Rs 2 lakh on Anoop Kumar Garg in the matter of Centron Industrial Alliance Ltd. for disclosure lapses.

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