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Sebi slaps Rs 3 lakh fine on Magnum Equity Broking
The Securities and Exchange Board of India said Magnum's clients executed synchronised trades in the shares of Aarey Drugs and Pharmaceuticals and Winsome Textile Industries on various occasions during 2009.
"Although the trades were executed by noticee's (Magnum) sub broker as submitted by the noticee, noticee is responsible for the actions of its sub broker and also the trades were ultimately executed through the noticee's trading system," Sebi said.
Magnum failed to exercise due skill and care when its clients were trading in the scrips of these companies. Thus, it violated stock brokers regulation.
In a separate case, Sebi has levied Rs 2 lakh fine on an individual, Manish Pratap Ashar, for fraudulent dealing in the shares of Winsome Textile Industries.
It said that Ashar had executed self trades in the scrip of Winsome Textile Industries during 2008.
In yet another case, Sebi has imposed cumulative penalty of Rs 3 lakh on Kautilya Mutual Benefit Fund Ltd, Boga Surender, Boga Prabhakar and Kautilya Laboratories for failing to make yearly shareholding disclosures within the stipulated timeframe in Swagruha Infrastructure case.
"...penalty is commensurate with the delayed compliance for the years 2004-2010 and for non-compliance for the year 2011 by the noticees (four entities)," it said.
Besides, Sebi has disposed of a case against Hastimal Gulabchand Son as the regulator find it difficult to establish charges of fraudulent dealing against him.
"The alleged violation of... Sebi (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations is difficult to establish against Soni in the present adjudication proceedings and accordingly the present adjudication proceedings is disposed of," the regulator said.
It was alleged that Soni violated fraudulent and unfair trade practice regulations in the matter of Aarey Drugs and Pharmaceuticals.
PTI
