Sebi confirms ban on 26 firms in tax evasion case

Capital markets regulator Sebi has confirmed its interim order banning 26 entities in a case related to tax evasion and money laundering through misuse of stock exchange mechanism. Detailed investigation of several others is on. The Securities and Exchange Board of India (Sebi), via an interim order in May last year, had barred Pine Animation and 177 related entities, including the aforesaid 26, from the securities market for alleged tax evasion worth Rs 4200000000. The order came after the watchdog spotted a huge jump in the traded volume and share price of Pine Animation on BSE during May 2013 to January 2015. — PTI