The Securities and Exchange Board of India (SEBI), on Monday, banned as many as 85 entities and individuals, including Sunrise Asian Limited, from trading in the capital markets for a period of up to one year for fraudulent trading by manipulating the share prices of several companies. The capital market regulator issued an order banning Sunrise Asian and its board of directors from engaging in any kind of transaction in the capital markets for one year. Another 79 related entities have been debarred from trading for six months.
SEBI had earlier conducted a scrutiny of the scrip of Sunrise Asian, from October 16, 2012 to September 30, 2015, based on a reference which they had received from the Principal Director of Income Tax (Investigation), Kolkata.
It was eventually found that Sunrise Asian and its erstwhile directors had worked out an arrangement related to the allotment of shares under merger-related activities, under which 83 related entities had been able to manipulate the shares during the period for which the investigation was carried on. These activities, according to SEBI officials, violated the Fraudulent and Unfair Trade Practices (PFUTP) norms.
In a separate order issued on Friday, SEBI banned Coral Hub Ltd from the capital market for three years. SEBI also banned six other individuals for six years, who are either directors of the company or were part of its audit committee.
SEBI noted that the company had published exaggerated, false and misleading financial results during 2008- 09 and 2009-10. The board had received a complaint in this regard.
Read all the Latest News, Breaking News and Assembly Elections Live Updates here.
Comments
0 comment