{"id":7557,"date":"2024-03-01T05:36:27","date_gmt":"2024-03-01T05:36:27","guid":{"rendered":"https:\/\/financeintellect.com\/home-page\/home\/?p=7557"},"modified":"2024-03-01T05:36:29","modified_gmt":"2024-03-01T05:36:29","slug":"sebi-bans-12-entities-for-operating-fraudulent-scheme-to-manipulate-price-of-cos-shares","status":"publish","type":"post","link":"https:\/\/financeintellect.com\/home-page\/home\/sebi-bans-12-entities-for-operating-fraudulent-scheme-to-manipulate-price-of-cos-shares\/","title":{"rendered":"Sebi bans 12 entities for operating fraudulent scheme to manipulate price of Co\u2019s shares"},"content":{"rendered":"\n<p><strong>Mumbai:<\/strong> In a hard-hitting decision, Sebi, on February 29, banned 12 entities, including promoter of V Marc India Ltd, from the securities market after holding them responsible for allegedly indulging in a fraudulent scheme to manipulate volumes and price of company\u2019s shares.<\/p>\n\n\n\n<p>The Regulator also impounded wrongful gains of Rs 6.38 crore made by some of the entities from the manipulative scheme, Sebi said in an interim order on Thursday.<\/p>\n\n\n\n<p>The case primarily deals with fraudulent and manipulative trading in the scrip of V Marc India Ltd, listed on NSE\u2019s SME segment. It is alleged to be prima facie orchestrated by the promoter and company management along with the connected parties.<\/p>\n\n\n\n<p>The Sebi prima facie found in its order that V Marc\u2019s promoter and MD Vikas Garg and Sandeep Kumar Srivastava, former Whole Time Director had engaged the services of Prijesh Kurani to \u2018operate the market\u2019.<\/p>\n\n\n\n<p>The Sebi order further said that Kurani, in turn, used his own and his connected entities trading accounts. He also engaged accounts of persons connected to Garg to manipulate the scrip.<\/p>\n\n\n\n<p>Furthermore, Garg and the company management channelled funds through their connected entities to Kurani for executing the fraudulent scheme.<\/p>\n\n\n\n<p>The alleged fraudulent scheme was set in motion as soon as the scrip was listed on April 8, 2021.<\/p>\n\n\n\n<p>The Sebi order said, \u201cthe impact of this alleged fraudulent scheme is evident in the manner volumes surged and prices increased after which most of the entities \u2014 PV Manipulators \u2014 as well as the IPO subscribers \u2014 exited fully. The shares offloaded were purchased by public shareholders leading to the increase in their numbers as well,\u201d Sebi said.<\/p>\n\n\n\n<p>Sebi thus restrained 12 entities \u201cfrom buying, selling or dealing in the securities market or associating themselves with the securities market, either directly or indirectly, in any manner whatsoever until further orders.<\/p>\n\n\n\n<p>Besides Garg, Srivastava and Kurani, the other entities barred by the Regulator are Sudhir Gupta, Dharini Kurani, Rekha Kurani, Surbhi Agarwal, Vinod Vilas Sable, Seema Garg, Madhu Srivastava, Jai Kishore Singhal and Seema Agaral.<\/p>\n\n\n\n<p>Sebi\u2019s probe covered the period from April 9-30, 2021. It was based on the data obtained from the mobile device of Kurani, seized following the search and seizure operation carried out by the Regulator in May 2022 in the context of investigation into the matter of \u201cFront running\u201d of trades of Axis&nbsp;Mutual&nbsp;Fund.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mumbai: In a hard-hitting decision, Sebi, on February 29, banned 12 entities, including promoter of V Marc India Ltd, from the securities market after holding them responsible for allegedly indulging in a fraudulent scheme to manipulate volumes and price of company\u2019s shares. The Regulator also impounded wrongful gains of Rs 6.38 crore made by some [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":7558,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,6,5,31],"tags":[4649,37,115,66,211,4650,4651],"class_list":["post-7557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-and-politics","category-opinion-makers","category-markets","category-news","tag-axis-mutual-fund","tag-bse","tag-nifty","tag-sebi","tag-sensex","tag-sme","tag-v-marc-india-limited"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sebi bans 12 entities for operating fraudulent scheme to manipulate price of Co\u2019s shares - Finance Intellect<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeintellect.com\/home-page\/home\/sebi-bans-12-entities-for-operating-fraudulent-scheme-to-manipulate-price-of-cos-shares\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sebi bans 12 entities for operating fraudulent scheme to manipulate price of Co\u2019s shares - Finance Intellect\" \/>\n<meta property=\"og:description\" content=\"Mumbai: In a hard-hitting decision, Sebi, on February 29, banned 12 entities, including promoter of V Marc India Ltd, from the securities market after holding them responsible for allegedly indulging in a fraudulent scheme to manipulate volumes and price of company\u2019s shares. 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