Live Markets »News & Advice»Market News»Market News Details
Market News Details

Sebi fines 10 firms Rs 34 lakh over fraud in Mindvision Capital shares

Press Trust of India/New Delhi 14 Jan 19 | 01:30 PM

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.

Related Stories

    No Related Stories Found
Widgets Magazine

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.

Widgets Magazine


Company Price Gain (%)
Yes Bank114.5510.94
Sun Pharma.Inds.390.604.01
IndusInd Bank1,435.503.80
Larsen & Toubro1,556.153.36
ICICI Bank433.353.20


Currently No Poll Available.

Online Portfolio

You can create Online Portfolio here using the below button.

Widgets Magazine