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Markets regulator SEBI today barred six entities for up to five years for alleged involvement in fraudulent trading in the shares of Gangotri Textiles.
The Securities and Exchange Board of India (SEBI), in an order, prohibited Purshottam Khandelwal, Cosmo Corporate Services and Master Finlease for five years, Sunita Gupta for three years and Avisha Credit Capital and Vishvas Projects for one year.
The entities had indulged in large number of circular trades, synchronised trades and created artificial volume in the scrip of Gangotri Textiles.
By indulging in such activities, these entities have violated provisions of PFTUP (Prohibition of Fraudulent and Unfair Trade Practices) Regulation.
“Noticees have used and employed manipulative and deceptive device or contrivance in their transactions in shares of the company in contravention of provisions of...
PFUTP Regulations as they had indulged in creation of artificial volume and price manipulation,” Sebi noted.
However, Khandelwal, Cosmo Corporate Services, Master Finlease and Avisha Credit Capital have already been barred from the capital markets in different cases.
The regulator said directions in these different orders and the directions in the instant order will run concurrently.
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