SEBI imposed fine of Rs 11.90 crore on 19 entities, also banned from securities market for five years
SEBI: SEBI on Wednesday imposed a total fine of Rs 11.90 crore on 19 entities for their involvement in pump and dump shares in the SFL case. Apart from this, he was also banned from the securities market for five years.
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The Securities and Exchange Board of India (SEBI) on Wednesday imposed a total penalty of Rs 11.90 crore on 19 entities for indulging in pump and dump shares in the case of Superior Finlease Limited (SFL). Apart from this, he was also banned from the securities market for five years. The regulator has appointed Rajneesh Kumar, Ashish P Shah, and Kirtidan K. to impose a fine ranging from Rs 10 lakh to Rs 5 crore on 19 units including Gadhvi.
In addition, SEBI imposed a five-year ban on the trading of securities in the securities market for 17 entities, including Sajjan, Shah, and Gadhvi. Jalaj Aggarwal and Arvind Shukla were prohibited from the securities market for a period of three years by the market regulator. In its 54-page final order, SEBI claimed that there had been a systematic pump-and-dump campaign in SFL shares. Rajneesh Kumar, a director of India Finance Guarantee Limited (IFGL), a SEBI-registered intermediary, and a shareholder director of SFL, was the driving force behind this campaign.
