India’s market regulator, SEBI, has levied fines of Rs 55 lakh on 11 entities involved in unfair trading in the illiquid stock options segment on the BSE.
In separate orders, SEBI has also imposed bans on individuals and entities including Kamla Aggarwal,
Kamla Devi Bajoria, Kamla Jain, Kamaljit Kaur, Kamal Ramprasad Gupta, Kamal Kumar, Kamlesh Ahuja,
Kailash Narottamdas Anonymous, Sanjay Kumar Daga HUF, Pragma Suppliers Pvt Ltd, and Aromatic Tie Up Pvt Ltd, with each facing a Rs 5 lakh fine.
Heavy Fines for Violating Trading Rules
SEBI took this decision after investigating unfair trading practices in the cash share option segment on BSE between April 2014 and September 2015.
Additionally, SEBI imposed a fine of Rs 20 lakh on two institutions for breaching disclosure norms, related to IFL Promoters Limited.
Registration Suspension for 3M Team Research Pvt Ltd
In a significant move, SEBI suspended the registration of 3M Team Research Private Ltd for one year due to violations of regulatory norms.
The regulator emphasized that reversal trades in question were non-genuine and went against PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms.
In another separate order, the registration of 3M Team Research Pvt Ltd was suspended for one year for similar regulatory norm violations.
