New Delhi, May 29 (PTI) Markets regulator Sebi has imposed a penalty of Rs 28 lakh on 14 individuals for indulging in fraudulent trading in the shares of Gallantt Ispat Ltd (GIL).

Sebi has levied Rs 28 lakh fine paid jointly or severally by 14 individuals -- Motilal Ahuja, Tanu Sudan, Divesh Singh, Ashok Kumar, Sunaina, Ravi Dewan, Deepak, Balwant Kaur, Hardeep Singh, Rohit, Deepak Kumar, Mohit Kumar, Monika, and Akash.

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The regulator had conducted an investigation into the trading in the scrip of Gallantt India for the period between April 2014 and December 2014.

During the investigation, it was found that some individuals were indulged into trades that were synchronised in terms of quantity and price, and executed within time difference of one minute.

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However, others entered into trades that were reversed on the same day.

Such trades had contributed to manipulation in the scrip price of GIL.

By doing so, they have violated the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)