Securities and Exchange Board of India (SEBI) has slapped a penalty of Rs 10 lakh on 'Ess Ess Intermediaries' for fraudulent trading in shares of Adani Enterprises and for violating norms for stock brokers. The Market regulator has imposed penalty of Rs 9 lakh on Ess Ess Intermediaries for fraudulent trade practices and remaining Rs 1 lakh has been fined for violating code of conduct for ‘stock brokers.’
The matter relates to SEBI investigation in the shares of Adani Enterprises between July 9, 2004 and January 14, 2005 and August 8, 2005 to September 09, 2005. During these periods, shares had witnessed huge spike in volumes as well as wide fluctuations in prices. SEBI during its investigation found that certain entities through conspiracy with the brokers and other clients, transacted in the shares of the company in a manner that led to artificial volumes in the scrip.
Company Name | CMP |
---|---|
Adani Enterprises | 3118.60 |
Redington | 212.80 |
Amrapali Industries | 14.67 |
Rashi Peripheral | 334.05 |
Compuage Infocom | 4.15 |
View more.. |