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Sebi on Wednesday barred six entities from the capital markets for two years for indulging in manipulative trading in the shares of Biocon Limited in the cash market.
Those banned are -- Gangwal Sunil Kumar, Vihit Investment, Mohd Faisal, AKG Securities and Consultancy, Paramount Incorporation and Minesh Jormalbhai Mehta (collectively referred to as noticees).
In addition, the regulator has imposed a penalty of Rs 10 lakh each on them. The penalty needs to be paid within 45 days.
Sebi had conducted an investigation in the trading activities of certain entities in the scrip of Biocon.
The focus of the investigation was to ascertain whether there was any violation of the securities laws by certain entities in the cash market on June 29, 2017 at NSE during the last half an hour of trading so as to benefit certain entities who were holding net long positions in the derivative contracts.