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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.
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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.
MUMBAI: Vihit Investment bought 96,000 shares of GKP Printing & Packaging today at Rs 26 apiece through a bulk deal on the BSE.
In a separate deal, Hira Vora sold 48,000 shares of GKP Printing through a bulk deal on the BSE at Rs 26.5 per share.
Shares of GKP printing ended 11.7 per cent lower at Rs 26.5.
Both the NSE and BSE had not updated the block deals data on their respective websites at the time of publishing this story.
Here are all the BSE bulk deals:
Here are all the NSE bulk deals:
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