New Delhi, Oct 30 (PTI) Regulator Sebi Tuesday barred Gromo Trade and Consultancy, its two directors and 18 other entities from securities markets for a period of five years for fraudulent trading in the shares of the company.

The regulator conducted investigation into the trading activities of certain entities in the scrip of Gromo (formerly known as Kamalakshi Finance Corporation Ltd) during January-February, 2015.

Following the probe, Sebi found that Gromo, its two non-independent directors had acted with Kamalakshi group along with other entities in manipulative manner to increase the price of the scrip by repeatedly placing buy orders at negligible quantities at prices higher than LTP.

LTP (Last Traded Price) is the level at which last trade was executed.

All the entities "have intentionally increased the price of the scrip which amount to an act to market manipulation" thereby violating PFUTP (Prohibition of Fraudulent and Unfair trade Practices) regulations, Sebi said.

Accordingly, Securities and Exchange Board of India (Sebi) banned Gromo, its directors -- Dheeraj Shah and Sheetal Dheeraj Shah -- and 18 other entities for five years from securities markets.

Among the 18 entities are Jayprakash Dhanraj Bohra, Wakil Rajbhar, Sapna Ramdas Jatwal, Girish Rajkumar Goel, Vijay Mahavir Tibrewal, Chandadevi Agrawal, Vipul Amratlal Doshi and Samskara Sales Agency P Ltd.

(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)