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SEBI has levied penalties on 22 entities, including Gujarat Chief Minister, Vijay Rupani’s Hindu Undivided Family (HUF), for manipulative trading.
It has levied total penalties worth Rs.6.9 crore on all entities. Rupani’s HUF has been charged of manipulative trading through Sarang Chemicals.
As per a report, the manipulative trading was done during the period Jan 2010-June 2011. SEBI also gave show cause notice to all the 22 listed entities for violations under the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) .
Further, the notice has been given for 2 categories, one for price manipulation and the other for misleading appearance and creating fake volumes in the shares of Sarang Chemicals.
Mr. Rupani’s HUF comes under the second category and it has been directed by SEBI to pay Rs.15 lakh.
