Sebi slaps Rs 4.82 crore fine on 8 entities in Sky Industries case

Capital market regulator Sebi today imposed a total penalty of Rs 4.820000000 on eight entities, including two stock brokers, for indulging in fraudulent trades in shares of Sky Industries Limited The Securities and Exchange Board of India (Sebi) had conducted a probe with respect to trading in the scrip of Sky Industries for the period January 1, 2009 to May 10, 2010.It was observed by Sebi that the entities had executed reversal/synchronised trades with connected clients/self trades in the scrip of Sky Industries during the probe period.320000000 on six entities for fraudulently trading in the shares of the company.In the order against the two brokerages, the Sebi has penalised JV Stock for creating a false or misleading appearance in the trading of the shares SPFL Securities had failed to carry out its business with due, skill, care and due diligence as stock brokers.Others fined in the case are Vijay Vora, Hina Vora, Chetan Dogra, Chetan Dogra HUF, Minoti Dhawan and Manojbhai R Shah.The scrip was listed on the BSE as well as on Jaipur Stock Exchange and The Calcutta Stock Exchange. However, there was no trading in the scrip during the investigation period on JSEL and CSE, the orders said.