20
Thursday
February 2020
11:31 AM IST
News Headlines
Ishant is hitting good areas, Prithvi should follow instincts: Kohli hints on playing XI        PCB chief hints at Pakistan giving up Asia Cup hosting rights        First 5G handset in India likely to be priced at Rs 50,000        Coronavirus outbreak to hit global growth; to have limited impact on India: RBI Guv        Death toll from China virus surges past 2,000        Necessary to prevent statelessness when nationality laws are changed: UN chief        Maha CM visits Shivneri Fort on Shivaji''s birth anniversary        Can transport minister come to explain govt proposal for introducing EVs, asks SC        SC upheld right to protest but other citizens also have rights: Interlocutors at Shaheen Bagh        Won't rule out playing 2023 World Cup, says Taylor        Sachin Tendulkar wins Laureus Sporting Moment Award for 2011 WC triumph        Messi, Hamilton share Laureus World Sportsman of Year honour; Biles gets third award        Kerala tourism eyes robust growth in domestic tourist footfalls in 2020        RBI Governor says no reason to doubt govt will meet fiscal deficit targets        UK budget on March 11 as planned: new finance minister        Wuhan hospital director dies of coronavirus        Opening of Kartarpur Corridor practical proof of Pakistan's desire for peace, says UN chief        People of Delhi taught a lesson to BJP which it will remember for long time: Gehlot        Delhi court sends Sharjeel to judicial custody till Mar 3 in New Friends Colony anti-CAA violence case        Prashant Kishor questions Nitish Kumar's development in Bihar        
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Business News
Sebi fines Scan Steels Rs 18.8 lakh for fraudulent trading
 
New Delhi: Markets regulator Sebi has levied a penalty of Rs 18.80 lakh on Scan Steels Ltd for indulging in fraudulent trading in the stock options segment of the BSE.

The matter pertains to a probe conducted by the regulator between April 2014 and September 2015 after observing large scale reversal of trades in stock options segment of the BSE by certain entities including Scan Steels that led to creation of artificial volume.

The probe found that the trades executed by the company "were not genuine trades and being non-genuine, created an appearance of artificial trading volumes" in the stock options contracts.

It further noted that Scan Steels has entered into 324 non-genuine transactions in 113 stock option contracts which demonstrates the repetitive nature of the default on its part and by executing such trades, the company violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms.

Consequently, the Securities and Exchange Board of India (Sebi), in an order passed on Thursday, imposed "a penalty of Rs 18.80 lakh on the noticee viz Scan Steels Limited".

In a separate order on Friday, the regulator imposed a fine of Rs 5 lakh on Viju Babulal Jain, one of the directors of ShivamShree Business Ltd, for violating insider trading norms.

Sebi observed that from November 6, 2015, Jain started disposing of his shareholding and on November 27, 2015 the value of the disposed holding was over Rs 14.47 lakh, thus exceeding Rs 10 lakh.

Jain was required to make the disclosure to the company about the number of securities disposed of within two trading days. However, no such disclosure was made by him and thus violated the PIT (Prohibition of Insider Trading) norms.

Being one of the directors of the company, Jain was an insider who is not allowed to take opposite position of his own trades within six months of the transaction without getting explicit relaxation from the compliance officer with proper reason.

In this case, Jain bought and sold shares within six months without obtaining a proper reasoned relaxation from the compliance officer and made of profit of more than Rs 1 lakh. By this, he violated the code of conduct adopted by the company for insider trading.


First 5G handset in India likely to be priced at Rs 50,000
Coronavirus outbreak to hit global growth; to have limited impact on India: RBI Guv
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RBI Governor says no reason to doubt govt will meet fiscal deficit targets
Moody's cuts India growth projection to 5.4 pc for 2020
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KERALA NEWS
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CPI(M) expels two student activists held for Maoist links
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INTERNATIONAL NEWS
Death toll from China virus surges past 2,000
 Beijing, Feb 19 (PTI) The death toll from the coronavirus epidemic in China crossed the 2,000-mark o
Necessary to prevent statelessness when nationality laws are changed: UN chief
UK budget on March 11 as planned: new finance minister
Wuhan hospital director dies of coronavirus
NATIONAL NEWS
Maha CM visits Shivneri Fort on Shivaji''s birth anniversary
 Mumbai, Feb 19 (PTI) Maharashtra Chief Minister Uddhav Thackeray visited the Shivneri Fort in Pune d
Can transport minister come to explain govt proposal for introducing EVs, asks SC
People of Delhi taught a lesson to BJP which it will remember for long time: Gehlot
Delhi court sends Sharjeel to judicial custody till Mar 3 in New Friends Colony anti-CAA violence case
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