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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.
Photo credit: Twitter
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.
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PUTRAJAYA: The burger seller in Kelantan who was slapped with a RM50,000 compound has been asked to take up his case with the Health Ministry.
The advice came from Health Minister Datuk Seri Dr Adham Baba, who said the ministry would consider giving a discount or even an exemption.
“We take this case seriously, as it has received a lot of public attention. We view this as a special case that needs to be addressed immediately, ” he said in a statement yesterday.
Wan Mohd Faisal Wan Kadir was issued a RM50,000 compound last Sunday for operating his burger stall in Kampung Rambutan Rendang near Kota Baru beyond 10pm, which is not permissible in states placed under the movement control order.
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