[ By Bobby Anthony ]The Securities & Exchange Board of India (SEBI) has imposed a total penalty of Rs 80 lakh on 16 entities for fraudulently trading the stock of Mapro Industries Ltd and thus violating violating Prohibition of Fraudulent & Unfair Trade Practices norms.The SEBI order has been passed after its probe into trading of the company’s shares between July 2014 and November...
The Securities & Exchange Board of India (SEBI) has imposed a total penalty of Rs 80 lakh on 16 entities for fraudulently trading the stock of Mapro Industries Ltd and thus violating violating Prohibition of Fraudulent & Unfair Trade Practices norms.
The SEBI order has been passed after its probe into trading of the company’s shares between July 2014 and November 2014.
The SEBI probe revealed that these entities manipulated the Mapro’s share price by contributing positively to the last traded price (LTP) which consequently led to the rise in the price of the Mapro scrip.
Hence, these entities were fined Rs 5 lakh each.
Besides nine individuals, the fined entities include Cosmos Distributors, Bhargabi Trading, Jagsakti Tower, Jahman Agency, Ritudhan Marketing, Godavari Real Estate and VSG Leasing & Finance Company.