Sebi slaps Rs 19 lakh fine on 2 entities for fraudulent trading

Markets regulator Sebi on Monday levied a total fine of over Rs 1900000 on two entities for executing fraudulent trade in the illiquid stock option segment on the BSE The entities facing penalty are - Akashganga Agencies Private Limited and Ajeit PS Rajbans HUF Pursuant to observing large scale reversal of trades in the stock options segment of the BSE, Securities and Exchange Board of India (Sebi) conducted investigation into the trading activities of the segment between April 2014 and September 2015.Sebi noted that the entities were among the several entities which were indulged in execution of non genuine trades in the stock options segment on the BSE.By doing so, the entities violated provisions of Prohibition of Fraudulent and Unfair Trading Practices (PFUTP) norms."It cannot be ignored that synchronization of trades in pre-determined manner had an adverse impact on the fairness, integrity and transparency in the securities market," Sebi said while levying the fine.The regulator imposed a fine of Rs 14.2000000 on Akashganga Agencies and Rs 500000 on Ajeit PS Rajbans HUF.