{"id":80329,"date":"2022-12-30T11:45:00","date_gmt":"2022-12-30T06:15:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=80329"},"modified":"2022-12-30T11:42:56","modified_gmt":"2022-12-30T06:12:56","slug":"biz-sebi-penalty-4","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-sebi-penalty-4\/","title":{"rendered":"Sebi penalises 8 entities for manipulating stock price of Mangalam Industrial Fin"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3706007276\"><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>New Delhi, Dec 29 (PTI) Capital markets regulator Sebi on Thursday imposed a Rs 90 lakh penalty on eight entities for manipulating the share price of Mangalam Industrial Finance Ltd (MIFL).<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-317819366\"><!-- 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 regulator slapped a fine of Rs 15 lakh each on Rishabh Mahendra Shah and Pradeep Kumar Daga and Rs 10 lakh each on Guide Dealcom LLP, Alert Commdeal, Suparas Impex, Northstar Dealcomm, Nexcare Agency and Eversafe Highrise.<\/p>\n<p>The order came after Sebi conducted an investigation in respect of alleged manipulation in the scrip of MIFL from March 2014 to August 2016.<\/p>\n<p>Pursuant to the investigation, the regulator found Shah and Daga were the key persons responsible for devising the scheme that led to artificial volume creation in the scrip of MIFL through their manipulative, fraudulent and unfair trade practices.<\/p><div class=\"trade-content_5\" id=\"trade-3995538019\"><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>Further, Shah, Guide Dealcomm, Alert Commdeal and Suparas Impex contributed to 17.10 per cent of the total market volume in the scrip of MIFL during the investigation period.<\/p>\n<p>Also, Shah was being funded by Northstar Dealcomm, Nexcare Agency and Eversafe Highrise for buying shares from Guide Dealcomm, Alert Commdeal and Suparas Impex, who were the net sellers of MIFL.<\/p>\n<p>By indulging in such acts the entities have violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms.<\/p>\n<p>Meanwhile, in a separate order, the regulator levied a fine totalling Rs 80 lakh on 13 entities for indulging in fraudulent trade practices in the matter of SFL International Ltd.<\/p>\n<p>The regulator slapped fines in the range of Rs 5 lakh to Rs 10 lakh on 13 entities.<\/p>\n<p>The order came after Sebi investigated the scrip of SFL International Ltd (SFLIL) from December 2016 to July 2017.<\/p><div class=\"trade-content-10\" id=\"trade-670510266\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\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>The regulator found that Ilesh Madhusudan Patel, Nilesh Rameshchandra Shah, Kalpesh Dineshbhai Patel, Shital Navnitbhai Chokshi, Rahul D Shah, Maltiben Lalitbhai Gandhi and Nishant Rajivkumar Sheth have executed trades and further contributed the market volume in the shares of SFLIL.<\/p>\n<p>Further, the regulator observed that Pahadsinh Dolatsinh Sisodiya executed small trades in many instances, which was instrumental in establishing a price higher than the last traded price (LTP) and thus contributed to the increase in the scrip price of SFLIL.<\/p>\n<p>It also noted that Sairabanu Fanaswala and Sunilkumar Bhikhabhai Nayi were the net buyers of the shares and had provided an exit to Active Nirman, Sumangal Vintrade and Viewpoint Advisory in the scrip of SFLIL.<\/p>\n<p>Through such acts, the entities flouted the PFUTP rules.<\/p>\n<p>In another order, the regulator slapped a fine of Rs 15 lakh on six entities for violating market norms in the matter of Twilight Litaka Pharma Ltd (TLPL). PTI HG  BAL<\/p>\n<div class=\"trade-after-content\" id=\"trade-3366124216\"><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>New Delhi, Dec 29 (PTI) Capital markets regulator Sebi on Thursday imposed a Rs 90 lakh penalty on eight entities for manipulating the share price of Mangalam Industrial Finance Ltd (MIFL). The regulator slapped a fine of Rs 15 lakh each on Rishabh Mahendra Shah and Pradeep Kumar Daga and Rs 10 lakh each on [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":24720,"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":[1697,31],"tags":[],"class_list":["post-80329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-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 penalises 8 entities for manipulating stock price of Mangalam Industrial Fin - 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-penalty-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sebi penalises 8 entities for manipulating stock price of Mangalam Industrial Fin\" \/>\n<meta property=\"og:description\" content=\"New Delhi, Dec 29 (PTI) Capital markets regulator Sebi on Thursday imposed a Rs 90 lakh penalty on eight entities for manipulating the share price of Mangalam Industrial Finance Ltd (MIFL). 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