16
Wednesday
January 2019
5:22 AM IST
News Headlines
Two MLAs withdraw support to Congress-JDS govt in Karnataka        Kanakadurga attacked by mother-in-law        3 cops, driver of MP Dy Speaker's escort team killed in mishap        Manali in HP shivers at minus six deg C        Army will not hesitate to take strong action against terror activities along Pak border: Gen Rawat        Sebi fines 10 entities for fraudulent trading in Mindvision Capital shares        Karnataka coalition govt stable, will remain so: Cong        Massive preparations for Mayawati's birthday        Dhoni's poor form a worry as India look to restore parity        Trump threatens to devastate Turkey if it hits US-backed Kurdish forces, Ankara hits back        Brexit: House of commons prepare for historic vote        Delhi Police files chargesheet against Kanhaiya Kumar, others in JNU sedition case        Pudhucherry to ban single use plastic from March 1        Delhi Police files chargesheet against Kanhaiya Kumar, others in JNU sedition case        Justice Sikri turns down govt offer to nominate him to Commonwealth Tribunal        Public has decided to vote for SP-BSP alliance: Akhilesh        Fate of trapped Meghalaya miners remains uncertain even after a month        China coal mining accident: Death toll rises to 21        Pompeo calls for ending Gulf dispute during Qatar visit        Rayudu reported for suspect bowling action        
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Business News
Sebi fines 10 entities for fraudulent trading in Mindvision Capital shares
 
(New Delhi, Jan 14,2019): Jan 14 (PTI) Market regulator Sebi imposed a fine totalling Rs 34 lakh on 10 entities for indulging in fraudulent trading in the shares of Mindvision Capital.

The Securities and Exchange Board of India (Sebi) had conducted an investigation in the trading activities of the company between June 2009 and February 2010.

The probe found that the entities were connected to each other and executed circular trading in the scrip of Mindvision, which resulted in creation of artificial volume.

The total volume that was contributed by the circular trading was 94,745 shares which is 12.5 per cent of the total market volume, Sebi noted.

"The scheme, plan, device and artifice employed by the noticees in this case of circular trading, tantamount to fraud on the securities market in as much as it involves manipulative transactions in securities and misuse of the securities market.

"It is established that the acts of noticees by indulging in circular trades were not just a coincidence and the same indicates their concerted effort and manipulative intent to create false and artificial volume of the scrip." Sebi said in its order dated January 11.

By indulging in such trading activities, the entities have violated the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations.

Besides, the two entities-- Nilesh Krushna Palande and Dadima Capital also failed to make necessary disclosures regarding change in their shareholding pattern in the firm.

The entities had failed to make requisite disclosures under the provisions of Substantial Acquisition of Shares and Takeovers (SAST) and Prohibition of Insider Trading (PIT) norms.

Accordingly, Sebi has slapped a fine of Rs 5 lakh each on the two entities, while Universal Credit & Securities, Mahesh Ramanlal Shah, Kumar Raichand Madan, Fast Track Entertainment, Pooja Vinay Jain, Pragjibhai Mohanbhai Sukhadiya, Manjulaben P Sukadiya and Mangilal C Doshi HUF have been fined Rs 3 lakh each.


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KERALA NEWS
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INTERNATIONAL NEWS
Trump threatens to devastate Turkey if it hits US-backed Kurdish forces, Ankara hits back
 (Washington, Jan 14,2019): President Donald Trump has threatened to "devastate" Turkey econom
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NATIONAL NEWS
3 cops, driver of MP Dy Speaker's escort team killed in mishap
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