New Delhi, May 27 (PTI) Markets regulator Sebi on Friday imposed penalties totalling Rs 25 lakh on two entities for indulging in manipulative trading activities in the shares of Ponni Sugars Erode Ltd (PSEL).

A fine of Rs 15 lakh has been imposed on Gandiv Investment Pvt Ltd and Rs 10 lakh on Pat Financial Consultants Pvt Ltd.

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The order came after Sebi conducted an investigation into the shares of PSEL during the period from November 2012 to October 2014.

It was found that three entities -- Gandiv Investment, Pat Financial and an individual -- had indulged in manipulation of the price of the shares. The individual passed away recently.

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In an order, Sebi said the entities flouted the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations.

Separately, the watchdog levied a fine of Rs 7 lakh on an individual -- Ajay Chauhan (proprietor of Drift Financial Services) -- for violating norms.

The individual had promised high returns to investors despite being fully aware that all the investments made in the securities market are subject to market risk and such returns cannot be assured, according to the regulator.

Through such acts, the individual violated the PFUTP regulations and provisions of code of conduct for investment advisers.

In another order, the market regulator imposed a penalty of Rs 5.50 lakh on Sykes and Ray Equities (I) Ltd for misutilisation of client securities.

The order came after Sebi, BSE and CDSL conducted a comprehensive inspection of Sykes and Ray Equities (I) Ltd with respect to its stock broking and depository participatory activities from February 4-9, 2019.

The period covered in the inspection was from April 2017 to January 2019.

Separately, Sebi slapped penalties totalling Rs 3 lakh on four entities -- HDIL Infra Projects Ltd, Rakesh Wadhawan and Sarang Wadhawan and Broadcast Initiatives Ltd -- for disclosure lapses.

In another order, the regulator imposed a Rs 10 lakh penalty on Tirupati Fincorp Ltd for flouting PFUTP 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)