Sebi imposes Rs 62 lakh fine on 6 entities for fraudulent trading ...Middle East

Business Standard - Economy
source : Business Standard ( Middle East ) () 17
Capital market regulator Sebi on Tuesday imposed fines totalling Rs 62 lakh on six entities for indulging in fraudulent trade practices in the shares of North Eastern Carrying Corporation Ltd (NECC). The regulator slapped a fine of Rs 15 lakh on Realstep Agencies, Rs 10 lakh each on Utkarsh Jain, Vanya Jain (promoters of NECC), Sairabanu Mohd Rafiq Fanaswala and Malatiben Ashokbhai Darji and Rs 7 lakh on Charamsukh IT Marketing. The order came after Sebi carried out an investigation in the scrip of NECC for the period from December 2016 to April 2017. It was alleged that Utkarsh, Vanya, Realstep, Fanaswala, Darji and Charamsukh IT Marketing had violated the provisions of PFUTP (Prohibition O

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