1
Market regulator the Securities and Exchange Board of India (SEBI) has barred six entities from the markets for two years for indulging in manipulative trading in the shares of Biocon Ltd in the cash market.
Additionally, SEBI has imposed a penalty of Rs10 lakh each on Gangwal Sunil Kumar, Vihit Investment, Mohd Faisal, AKG Securities and Consultancy, Paramount Incorporation and Minesh Jormalbhai Mehta (collectively referred to as noticees). The penalty needs to be paid within 45 days.
During the investigation, SEBI found that all the six entities had engaged in price manipulation in the scrip of Biocon at National Stock Exchange s (NSE s) cash market during the last half an hour on 29 June 2017 and managed to establish higher settlement price in the futures of Biocon.