SEBI slaps Rs 40.5 lakh fine on 7 firms for fraudulent trading

Markets regulator SEBI imposed a total fine of Rs 40.5 lakh on 7 companies for indulging in fraudulent trading in the illiquid stock options segment on the BSE. The total fine levied on the firms, Rs 10.5 lakh was levied on Green Venture Securities Management Pvt Ltd while Morgan Financial Services, Niranjan Housing, Navrang Tradelinks, Niranjan Metallic, Nishu Leasing and Finance and Midpoint Tradelink faced a fine of Rs 5 lakh each. The reversal trades executed by the Notice were non-genuine in nature and created an impression of genuine trading volumes in respective contracts.

Static/Current Takeaways Important For IBPS SO 2019:

  • Chairperson of SEBI: Ajay Tyagi; Founded: 12 April 1992.
  • Headquarters: Mumbai.

Source: The DD News