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Thursday
February 2019
12:58 PM IST
News Headlines
Saudi Arabia increases India''s Haj quota to 2 lakh after Modi-Salman talks        SC collegium transfers high court judges        Security of 18 separatists, 155 political leaders withdrawn        Crown Prince orders release of 850 Indian prisoners from Saudi jails        Putin says Russia to take measures if US deploys missiles        Jadhav''s death sentence based on ''extracted confession'', should be annulled: India tells ICJ        Israel strikes on Gaza arson balloons launchers, no injuries reported        Taylor surpasses Fleming becomes highest ODI scorer for NZ        ICC keeping a close watch on India-Pakistan situation ahead of WC        Vivo unveils V15Pro with Industry-first 32 MP pop-up selfie camera        Tripura gets Rs 85 crore Mega Food Park        India, Saudi Arabia ink MoUs for cooperation in tourism, broadcasting        Bernie Sanders enters 2020 US presidential race : Reports        Sixteen states sue Trump over border wall emergency        Djokovic wins his fourth Laureus World Sportsman of the Year        Pakistan shooters not taking part in New Delhi World Cup        Pulwama attack masterminded by Jaish, ISI: corps commander        Cricketer-turned-politician Kirti Azad joins Congress, calls it ''ghar wapsi''        Salve exposes Pak military courts at ICJ, says judges don''t even need law degree        RBI pays Rs 28,000 cr interim dividend to govt ahead of elections        
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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
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NATIONAL NEWS
Saudi Arabia increases India''s Haj quota to 2 lakh after Modi-Salman talks
 New Delhi: Saudi Arabia on Wednesday increased India''s Haj quota by about 25,000, the third hike in
SC collegium transfers high court judges
Security of 18 separatists, 155 political leaders withdrawn
Cricketer-turned-politician Kirti Azad joins Congress, calls it ''ghar wapsi''
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