Sebi imposes six-month ban on an entity, three individuals

By: |
January 08, 2021 9:38 PM

Markets regulator Sebi on Friday restrained three individuals and one entity from accessing the securities market for six months for indulging in fraudulent trading activities

The entities are -- Premkumar Gupta, Navin Kumar Tayal, Jyotika Sanjay Tayal, Advik Textiles & Realpro Pvt Ltd, Kulwinder Kumar Nayyar and Azam Mohammed Ashan Shaikh.The entities are -- Premkumar Gupta, Navin Kumar Tayal, Jyotika Sanjay Tayal, Advik Textiles & Realpro Pvt Ltd, Kulwinder Kumar Nayyar and Azam Mohammed Ashan Shaikh.

Markets regulator Sebi on Friday restrained three individuals and one entity from accessing the securities market for six months for indulging in fraudulent trading activities in the shares of Anukaran Commercial Enterprises Ltd. Rajesh Chetanji Tawri, Mountain View Developers Pvt Ltd, Aanad Balavantrai Boghani and Kaushik Bipinchandra Dhanki (noticees) have been banned from the securities market, according to an order.

An investigation was carried out by Sebi into the scrip of Anukaran from January 1, 2012 to January 6, 2015 period. It was found that the company had not made any corporate announcement while the share price rose from Rs 35.15 to Rs 256.25 during January 1 to December 26, 2012. Only Boghani and Dhanki were collectively trading during the major part of this period.

The noticees had traded amongst themselves which was clearly unfair and manipulative in nature, as per Sebi. By executing those manipulative trades repeatedly at higher prices, Tawri, Boghani and Dhanki were able to trigger a rapid rise in the price of the scrip, which was not real but only an outcome of such manipulative trades, it noted.

According to the regulator, Mountain View Developers provided shares of the company to Tawri in an off market transaction albeit at loss and the transfer was done for the purpose of manipulating the share price. For violating the provisions of Prohibition of Unfair Trade Practices Regulations, the noticees have been banned from securities market for six months.

In a separate order, Sebi imposed Rs 10 lakh fine on Satish Vasant Ghone for failure to comply with the summons issued in the matter of Kanchan International Ltd. The regulator noted that it had issued summons to Ghone (noticee) asking him to furnish certain information related to off-market transactions entered into by him in the shares of Kanchan International, which was relevant for the purpose of an investigation.

However, the noticee failed to produce the documents as sought by the Investigating Authority which hampered the probe, Sebi said. Separately, Yogesh Bhai Shah HUF, Smita D Gandhi and Yogesh Shah (noticees) have been slapped with a fine of Rs 2 lakh each for violating the takeover regulations while dealing in the shares of Global Securities Ltd.

Sebi found that the noticees did not make the required disclosures with respect to the change in their shareholdings, thereby violating insider trading norms.

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