Sebi fines manipulative stock trade

New Delhi: Markets regulator Sebi has imposed a total penalty of Rs 10 lakh on two entities for carrying out fraudulent trade in the illiquid stock options segment of BSE. The regulator imposed a fine of Rs 5 L each K V Ramana Shetty and City Gold Entertainment, as per Sebi’s two separate orders.

SEBI, during an investigation between April 2014 to Sep 2015, found that 81.38 pc of all the trades executed in stock options were non-genuine.

The two entities were among those that executed trades by reversing their buy or sell positions in a contract with the same counter party during the same day with wide variations in prices, Sebi said.

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