Before this action related to Rajalakshmi Industries Limited, SEBI investigated the work of all 13 companies which have been accused of fraud trading. From January 2013 to September 2014, the companies were continuously monitored and every case was investigated.
capital market regulator SEBI ,SEBI) on Monday imposed a total fine of Rs 40 lakh on 13 companies. These companies are accused that Rajalakshmi Industries Limited (Rajlaxmi Industries Ltd.) shares were fraudulent. Fraud trading of these 13 companies (fraudulent tradingTaking this seriously, SEBI on Monday imposed a fine of Rs 40 lakh. The full name of SEBI is Securities and Exchange Board of India which oversees the functioning of securities market. SEBI has taken strict action against 13 companies after the fraud trading case came to light.
Before this action related to Rajalakshmi Industries Limited, SEBI investigated the work of all 13 companies which have been accused of fraud trading. From January 2013 to September 2014, the companies were continuously monitored and every case was investigated. The investigation found that the allotment of Rajalakshmi Industries was wrongly funded. Funding was detected in the name of the company. After this SEBI directed action against the companies.
In its investigation, SEBI found that Rajalakshmi Industries and its management – Aditya Jaipuria and Rahul Jagnani – had played an integral part in creating a scheme and device in which the company diverted money from other preferential allottees elsewhere and this work was done on conduit. done through. Funding was done in these conduit to Wintrade and Shivangan Wintare and eight allottees. According to SEBI, the rules of PFUTP or Prohibition of Fraudulent and Unfair Trade Practices were violated in this entire work.
Further, in three separate orders, SEBI imposed a fine of Rs 5 lakh each on Karan Singh Dhillon, Madhuri Holani and Liladhar Premnarayan Navalkishore for violating PFUTP rules. The case pertains to alleged irregularities in the stock options segment of BSE, which led to creation of artificial trade volumes. By engaging in such trades in stock options, he violated the provisions of PFUTP rules. Therefore, action was taken on these people by SEBI.