SEBI Bans 65 Firms For Two Years From Market Access
SEBI Bans 65 Firms For Two Years From Market Access: The market watchdog Securities and Exchange Board of India (SEBI) has banned 65 businesses from the market for two years and ordered 27 entities to return allegedly illegal gains totaling Rs40.23 crore that were obtained through manipulating the share price of Yamini Investment.
A total of 102 organizations linked to Madhur Buildcon Pvt Ltd, one of Yamini Investment’s promoters, were found by SEBI to have traded in the stock and given some of the company’s shareholders exit at a premium price. Between September 2013 and September 2015, SEBI noticed odd changes in the price and volume of Yamini Investment and looked into the scrip to see if there had been any price manipulation.
Following a thorough examination of the scrip’s BSE trading activity during the time of the probe, SEBI discovered that some entities dealing in the scrip were allegedly linked via know-your-customer (KYC), off-market transfers, fund transfers, and shared directors.
Initially, two groups of interconnected entities were found: the Madhur group, which contained 88 entities, and the PCB group, which contained 14 entities.
The 102 entities are collectively referred to as the Madhur group in SEBI’s show cause notice (SCN), which claimed that 14 entities (noticees 1 through 14) had manipulated the price of the scrip during the inquiry period.
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According to the market regulator’s inquiry, 102 entities belonging to the Madhur group together purchased 57,884 shares at this time, which is 93.03% of the market volume, and sold 33,629 shares, which is 50.46% of the market volume.
“During the course of the investigation, the 102 linked entities of the Madhur group transacted in the stock, allowing some corporate shareholders to sell their shares at a profit. The Bombay High Court (HC) had approved a plan of merger, and these shareholders had acquired shares of Yamini Investment as a result of a preferential allocation made as part of that plan.
27 Firms Were Ordered By SEBI To Disgorge Illegal Earnings Totaling Rs. 40.23 Crore, Including :-
- Gopal Bansal (HUF)
- Rajeev Goel (HUF)
- Harvinder Singh (HUF)
- K Ashok Kumar (HUF)
- Sanjeev Goel
- Nidhi Khandelwal
- Rajni Goel
- Rahul Goel
- Ashok Sneha Bohra
- Satvinder Kaur
- Hans Raj Agarwal
- Harvinder Singh
- Gurupreet Sangla
- Amit Khandelwal
- Dropdi DeviRenu Agarwal
- Seema Sangla
- Maya Devi Khandelwal
- Ankit Khandelwal
- Kuldeep Kaur
- Shubhra Khandelwal
- Gyan Prakash Rai
- Manju Rai
- Vimala Bohra
- Nisha Sharma
- Ashokkumar Aashish Bohra
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65 Firms Were Banned From Markets For Two Years By The Market Regulator, Including :-
- Anax and Fidelo Power and Infrastructure Ltd (Fidelo)
- Bij Buildcon India Pvt Ltd
- Maheshwari Financial Services Pvt Ltd
- Optimal Farms Pvt Ltd
- Autolite Agencies Pvt Ltd
- Toor Finance Company Ltd
- Nicky Marmo Ltd
- Stellar Capital Services Ltd
- Premlal Roy
- Aries Commercials
- Moonlight Udyog
- Shri Ram Traders
- Ram Yadav
- Chandra Prakash Balkisanji Laddha
- Sanshipt Broking And Consultancy Pvt Ltd
- Anshu Kataruka
- Hetab S Kangad (HUF)
- Surakshit Merchants Pvt Ltd
- Goldensight Commotrade Pvt Ltd
- Surabhi Dealmark Pvt Ltd
- Vindyavasini Agency Pvt Ltd
- Mkr Trading Pvt Ltd
- Rajputana Digital Mediapvt Ltd
- Fortunate Infra Developers Pvt Ltd
- Linkup Vintrade Pvt Ltd
- Omkara Dealer Pvt Ltd
- Krushana Infra Property Pvt Ltd
- Overall Logistics Pvt Ltd
- Dace Exim Pvt Ltd
- Imagine Logistics
- Goodpoint Commodeal Pvt Ltd
- Natural Investment Management Pvt Ltd
- Dhirga Marketing Pvt Ltd
- Ecospace Infotech Pvt Ltd
- Veepra Real Estate Consultants Pvt Ltd
- Etricks Enterprises Pvt Ltd
- Everblink Agency Pvt Ltd
- Veenit Builders Pvt Ltd
- Richi Consultants Pvt Ltd
- Vighnaharta Infra Developers Pvt Ltd
- Headfirst Vinimay Pvt Ltd
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