Business

BSE stock options: Sebi fines 2 entities Rs 18 lakh for non-genuine trades

Markets regulator Sebi Monday levied a total fine of Rs 18 lakh on two entities for executing non-genuine trades in illiquid stock options segment on the BSE.

The two entities  Shri Radha Krishna Ispat Pvt Ltd and Shiv Parvati Leasing Pvt Ltd were fined Rs 10.3 lakh and Rs 7.8 lakh, respectively, as per Sebi's separate orders.

After observing large scale reversal of trades in BSE's stock options segment, the Securities and Exchange Board of India (Sebi) conducted an investigation into the trading activity in illiquid stock options on the exchange from April 2014 to September 2015.

The probe found that the two companies were among the various entities that executed non-genuine trades in the stock options segment by reversing trades with same entities on the same day with wide variations in price.Considering the reversing of trades within minutes with wide variations in prices without any basis, the reversal trades executed by the two entities were 'non-genuine' in nature and created a misleading impression of trading, the regulator said.

By engaging in such trades, the entities violated PFUTP regulations, which states that dealing in securities will be deemed to be fraudulent if it involves indulging in an act which creates false or misleading appearance of trading in the securities market, Sebi said while imposing penalty on the two entities.PFUTP stands for Prohibition of Fraudulent and Unfair Trade Practices.  

High Gold Prices Impact Buying Sentiment; Sale Of Scrap Gold Increases

In India, tracking the global gold prices which have scaled to six-year peak levels have gone to levels not seen before owing to the indirect tax elem...

Sensex falls over 150 points, IT stocks drag

Domestic equity benchmark BSE Sensex fell over 150 points in early trade on Tuesday tracking losses in IT stocks amid weak cues from other Asian marke...

Rupee rises 13 paise to 69.22 vs US dollar in early trade

The rupee appreciated by 13 paise to 69.22 against the US dollar in opening trade on Tuesday, driven by easing crude oil prices and weakening of the U...

Samsung launches 2 new tablets in India

Strengthening its product portfolio in the stagnant tablet segment in India, Samsung on Monday launched Galaxy Tab S5e and Galaxy Tab A 10.1 which sta...