Sebi slaps Rs 55-lakh fine on 11 entities for fraudulent trade in Unisys Software' shares
The regulator levied a fine of Rs 5 lakh each on 11 entities -Deepa Saurabh Shah ,Sunil Jain, Rahul Gupta, Decent Vincom,Anthony Gayen, Dilip Kumar Mandal, Badri Prasad & Sons, Premsagar Vinimay, Nityadhara Plaza, Conquer Barter and Navdurga Investment Consultants.
The regulator had conducted an investigation between January 2010 and November 2014 regarding the scrip of Unisys Software.During the investigation, Sebi found that these entities are connected to each other and had indulged in fraudulent trade practices that created a misleading appearance of trading and contributed to manipulation in the scrip price of Unisys, which misguided the investors in the securities market. Advertisement
By doing so, these entities have violated the provisions of Fraudulent and Unfair Trade Practices (PFUTP) regulations; and accordingly, the regulator has levied fine on these entities. AST SP ANSANS
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