STOCK MARKET BSE NSE

Sebi Bans 6 Entities From Markets in Gangotri Textiles Case

The regulator said directions in these different orders and the directions in the instant order will run concurrently.

Published: 13th April 2016 11:38 PM  |   Last Updated: 13th April 2016 11:38 PM   |  A+A-

By PTI

NEW DELHI: Markets regulator Sebi today barred six entities for up to five years for alleged involvement in fraudulent trading in the shares of Gangotri Textiles.

The Securities and Exchange Board of India (Sebi), in an order, prohibited Purshottam Khandelwal, Cosmo Corporate Services and Master Finlease for five years, Sunita Gupta for three years and Avisha Credit Capital and Vishvas Projects for one year.

The entities had indulged in large number of circular trades, synchronised trades and created artificial volume in the scrip of Gangotri Textiles.

By indulging in such activities, these entities have violated provisions of PFTUP (Prohibition of Fraudulent and Unfair Trade Practices) Regulation.

"Noticees have used and employed manipulative and deceptive device or contrivance in their transactions in shares of the company in contravention of provisions of... PFUTP Regulations as they had indulged in creation of artificial volume and price manipulation," Sebi noted.

However, Khandelwal, Cosmo Corporate Services, Master Finlease and Avisha Credit Capital have already been barred from the capital markets in different cases.

The regulator said directions in these different orders and the directions in the instant order will run concurrently.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp