Sebi imposes Rs 5L fine for fraud

Market regulator Sebi has imposed a penalty of Rs 500000 on one Bhanwar Lal Paliwal for allegedly indulging in fraudulent trading in shares of Asian Star Company Limited (ASCL). According to the Securities and Exchange Board of India (Sebi),Paliwal indulged in circular/reversal synchronised trades with the other brokers and clients in scrips of ASCL. ” ...impose a penalty of Rs five00000...on the noticee (Paliwal) which will be commensurate with the violations committed by him,” Sebi said in its order. In a probe,Sebi had found a spurt of more than 18% in the price ASCL shares during the period from October 10,2008 to November 20,2008,when the BSE’s benchmark Sensex had fallen by around 20%. Paliwal had carried out synchronised trading in ASCL scrips through the broker Triveni Management Consultancy Services.