Market regulator Securities Exchange Board of India (SEBI) has imposed a penalty of Rs87 lakh on 15 for manipulating the price of Kapil Raj Finance Ltd (KRFL) scrip.
The Securities and Exchange Board has fined multiple entities for impersonating a brokerage firm and creating artificial volumes in the Kapil Raj Finance scrip through SMS tips. The investigation found that at least 15 people had sent misleading messages between January and April 2018 in an attempt to benefit from the high trading volumes they induced in the stock price