Crystal Finstock fined Rs 2L: Sebi
- Spot-fixing: Petition in SC seeks stay on IPL matches, seeks SIT probe
- India, China call for end to incursion issue, sign 8 deals to boost ties
- Sanjay Dutt spends restless nights as officials yet to decide on his jail
- Aarushi murder case: Rajesh Talwar claims he was asleep when killings took place
- Railgate: BJP protests against CBI DIG for shielding Pawan Bansal
Market regulator Sebi has imposed a penalty of Rs 2 lakh on Crystal Finstock for violating broker regulations and indulging in fraudulent practices in the shares of Popular Estate Management.
Sebi in its order said that it is imposing a penalty of Rs 1 lakh on Crystal Finstock for violating regulations on fraudulent trade practices and another Rs 1 lakh for violating code of conduct for sub-brokers.
The regulator in its order dated October 25 said that the penalty "shall be commensurate with the violations committed by it (Crystal Finstock)".
Sebi said: "the noticee (Crystal Finstock) placed synchronised orders... in Popular Estate Management shares in a manner meant to do profit and loss adjustment and to create artificial volumes."
Sebi said in a probe conducted by it in the shares of Popular Estate Management during the period from February 9 to February 24, 2009 it was found that certain entities had executed trades among themselves in significant variation to the Last Traded Price (LTP) in the shares of the company.
These entities had executed the trades through sub-broker Crystal Finstock of broker Mehta Equities Ltd, he added.
Sebi said it found that Crystal Finstock had executed synchronised reversal trades for 58,000 shares which accounted for over 98 per cent of the total traded volume on three trading days during the period of examination.
- Former Ranji player among 3 more held
- Rajasthan Royals to file FIR against tainted trio
- If found guilty, BCCI to ask ICC to erase Sreesanth records
- Top cops among 42 named in death of blast accused
- Manmohan-Li talks: PM takes tough line on incursion issue
- Security forces blame Maoists, villagers say CoBRA man was killed in 'friendly fire'