SEBI bars 9 companies for fraudulent trading in shares of Kinetic Capital Services, Shubh International

Sebi has barred nine entities from the capital markets for up to three years for indulging in fraudulent trading in shares of Kinetic Capital Services and Shubh International , back in 1999.The Securities and Exchange Board of India probe found that Gagan Securities, Unique Securities, GK Investments, Ajay Jain, Deepak Batra, Parveen Bansal, Rajesh Kumar, Asim Jain and Sunil Gupta were acting in concert to manipulate the share prices of the two firms.Sebi also noted that Gagan Securities, Ajay Jain and Unique Securities were acting as subbrokers without registration.Accordingly, the regulator has restricted them from accessing the securities market for 3 years. It was observed the price of the shares of Kinetic increased from a low of Rs 20.60 on December 22, 1998 to a high of Rs 65 on May 17, 1999