Total fine on entities in REI Agro case is Rs 1.40 crore: Sebi

Sebi today said the total fine imposed on 11 entities for alleged fraudulent trading in REI Agro shares is Rs 1.400000000, while due to an "inadvertent error" the market regulator had earlier mentioned the quantum of penalty as Rs 1.250000000.In December last year, Securities and Exchange Board of India (Sebi) had issued an order against 11 entities including three promoters of REI Agro wherein it had read the total penalty against the entities at Rs 1.250000000.However, in a corrigendum issued today, the regulator's adjudicating officer P K Kuriachen said "I have noticed an inadvertent error in the total amount of penalty mentioned in the order"."The total monetary penalty shall be read as Rs 1.400000000," he added.In its order dated December 31, 2012, Sebi had imposed a fine of Rs 1000000 each on three promoters of REI Agro -- Kaushalya Devi Jhunjhunwala Sangita Jhunjhunwala and Suruchi Jhunjhunwala.It had imposed Rs 1500000 fine each on eight entities -- Harrington Commercial, Rajkamal Marketing, Raksha Financiers, Sangita Securities, Hawks Financiers and Pingle Marketing.Another two entities Hi-Fi Tradecom and Right Fiscal Management were slapped with penalty of Rs 1800000 and Rs two00000, respectively.The regulator had penalised the entities for matching their trades among themselves through synchronised orders that led to artificial volume in shares of REI Agro and also influenced the firm's share price.