New Delhi, Jun 17 (PTI) Capital markets regulator Sebi on Friday imposed a fine of Rs 1 crore on 86 entities for manipulation in the shares of Sunrise Asian Ltd.

In its order, the regulator levied a fine of Rs 1 crore on Sunrise Asian Ltd (SAL), its five former directors and 80 connected entities.

Also Read | Oppo Reno7 A With Snapdragon 695 SoC Launched; Price, Features & Specifications.

The amount has to be paid jointly and severally by the entities.

Sebi had conducted an investigation into the scrip of Sunrise Asian for the period October 2012 to September 2015, based on a reference received from the Principal Director of Income Tax (Investigation), Kolkata.

Also Read | WhatsApp Group Voice Calls Host Can Now Mute, Message Anyone; Check Details Here.

Under a scheme of amalgamation, Sunrise Asian and its then directors had devised a fraudulent mechanism whereby 80 connected entities had manipulated the price of the scrip in four patches of trading during the investigation period.

Further, 77 out of the 86 entities were counterparties to the sale of shares by 1,059 entities/allottees at artificially inflated or manipulated prices, thereby violating rules.

Of the 86 entities, two have passed away and one has settled the case with Sebi.

"However, noticees 1 to 6 (SAL and its whole time directors) had devised an arrangement in collusion with noticees 7 to 86, whereby through a combined and collective strategy and had executed series of trades among themselves and had manipulated the price of the scrip during the investigation period," Sebi Adjudicating Officer Soma Majumder said.

"The regulator had debarred the noticees from accessing securities markets for up to one year for the violations vide order dated 6 September 2021," she noted.

By doing so, the noticees have violated ... PFUTP (Prohibition of Fraudulent and Unfair Trade Practices), the order added.

In another order, the regulator has imposed a fine of Rs 1 lakh on two individuals in a case pertaining to disclosure lapses in the matter of Bronze Trading Ltd (BTL).

The amount has to be paid jointly and severally.

The order came after Sebi received a report from BSE Ltd regarding circulation of SMS/calls recommending the purchase of BTL scrip providing a target price to be reached by the stock in a time-bound manner for the period July 2016 to December 2016.

(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)