Capital markets regulator Sebi on Friday fined Asit C Mehta Investment Intermediaries Rs 15 lakh for breaching regulatory norms. Asit C Mehta Investment Intermediaries (noticee) ​​is a Sebi-registered stockbroker.

The order comes after Sebi, together with BSE, NSE and Central Depository Services Ltd (CDSL), examined books of accounts and other noticee records and checked compliance with various regulatory norms for April 2019 to July 2020.

In the order, Sebi stated that the entity engaged in serious misconduct, misuse of client funds, reported to NSE and BSE incorrect margins in F&O (Futures and Options) and Commodity Derivatives (CD) segment and further funded their clients more than T+2 +5 reached Rs 6.32 crore.

Additionally, the regulator observed discrepancies in the uploading of the contact details of the noticee’s clients, material discrepancies in net worth calculations, and incorrect net worth reported to exchanges.

In another order, the regulator imposed a fine of Rs 5 lakh on individuals who manipulated the share price of Radha Madhav Corp Ltd (RMCL).

The order comes after Sebi investigated certain entities’ RMCL stock trading activities between September 2016 and February 2017.

During the investigation, the regulator found that the individual Sonal Vijay Mehta, through his peculiar trading pattern, executed a negligible amount of buy orders on the BSE and positively impacted the Last Traded Price (LTP) of RMCL shares.

According to the Sebi order, Mehta manipulated the share price during the investigation and caused misleading trading of RMCL’s shares.