{"id":44503,"date":"2022-05-24T10:05:00","date_gmt":"2022-05-24T04:35:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=44503"},"modified":"2022-05-24T10:03:25","modified_gmt":"2022-05-24T04:33:25","slug":"biz-sebi-fraudulent-trading-2","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-sebi-fraudulent-trading-2\/","title":{"rendered":"Sebi slaps Rs 50 lakh fine on individual for fraud in IPOs"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-190874882\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Markets regulator Sebi on Monday imposed a fine of Rs 50 lakh on an individual for indulging in fraudulent trading activities as a &#8220;conduit&#8217; with respect to initial share sales of two companies more than a decade ago.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2660661122\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>The companies &#8212; IDFC Ltd and Sasken Communications Ltd &#8212; had come out with their respective Initial Public Offerings (IPOs) in 2005. Sebi had investigated alleged irregularities in the dealings of shares of IDFC and Sasken during their IPOs.<\/p>\n<p>Imposing the fine on Bhanuprasad Dipakkumar Trivedi (noticee), the watchdog said the individual was the front entity\/ conduit and acted in a manner to enable two other entities to benefit by cornering the shares of IDFC and Sasken and later disposing them at higher rates.<\/p>\n<p>&#8220;However, from the scheme\/manipulation orchestrated by the above entities, it was evident that the Noticee was roped in to aid and abet the operators\/financiers only to complicate the web of entities involved in the IPO scam and obfuscate the issue with a view to avoid detection by regulatory agencies.<\/p><div class=\"trade-content_5\" id=\"trade-3839802516\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>&#8220;From the material available on record, it is established that the noticee had acted as conduit in relation to the two IPOs viz. IDFC and Sasken,&#8221; the 38-page order by Sebi&#8217;s Adjudicating Officer Suresh B Menon said.<\/p>\n<p>According to him, the impugned transaction had taken place in 2005 and around 17 years have elapsed since then. Also, the noticee was restrained\/ debarred for a period of one year through an order back in 2009, he noted.<\/p>\n<p>However, the adjudicating officer said the noticee had allowed the two entities &#8212; Jayesh HUF and Roopal &#8212; to corner the shares of IDFC and Sasken pursuant to their IPO issues, which was detrimental to the interest of the retail investors.<\/p>\n<p>The noticee violated PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations. PTI HG RAM ABM ABM<\/p>\n<div class=\"trade-after-content\" id=\"trade-2445580888\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Markets regulator Sebi on Monday imposed a fine of Rs 50 lakh on an individual for indulging in fraudulent trading activities as a &#8220;conduit&#8217; with respect to initial share sales of two companies more than a decade ago. The companies &#8212; IDFC Ltd and Sasken Communications Ltd &#8212; had come out with their respective Initial [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":24280,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1516,31,1789],"tags":[],"class_list":["post-44503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","category-news","category-trending-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sebi slaps Rs 50 lakh fine on individual for fraud in IPOs - Trade Brains Features<\/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:\/\/tradebrains.in\/features\/biz-sebi-fraudulent-trading-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sebi slaps Rs 50 lakh fine on individual for fraud in IPOs\" \/>\n<meta property=\"og:description\" content=\"Markets regulator Sebi on Monday imposed a fine of Rs 50 lakh on an individual for indulging in fraudulent trading activities as a &#8220;conduit&#8217; with respect to initial share sales of two companies more than a decade ago. 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