New Delhi: Capital markets regulator Sebi on Friday levied a fine of Rs 10 lakh on Anumita Infrastructure Pvt Ltd for failing to furnish the information or documents sought by the regulator. Sebi had conducted an investigation in suspected fraudulent activities with respect to trading in shares of Veronica Productions Ltd.
The scope of investigation was to ascertain the involvement of various entities in fraudulent activities pertaining to increase in market volume in the scrip of Veronica.
In this regard, Sebi had sought information from Anumita Infrastructure, but it failed to furnish the information.
“The noticee has failed to comply with the summons dated December 10, 2019 and December 27, 2019 for the production of the documents,” Sebi said while imposing the fine.
Noticee refers to Anumita Infrastructure.
Through a separate order, Sebi imposed a fine of Rs 8 lakh on an individual for manipulating the price of Malabar Trading Company Ltd scrip and creating a misleading appearance of trading.
The individual — Narendra Kumar Rathore — manipulated the price of the scrip by continuously placing sell orders for miniscule quantities even when buy orders already existed at higher prices and for larger quantities, and created a misleading appearance of trading in the scrip, Sebi noted.
Rathore, thereby, violated the Prohibition of Fraudulent and Unfair Trade Practices norms, it said.
In another order, Sebi levied a fine of Rs 1 lakh on Malvica Engineering Ltd for failing to obtain SCORES authentication and redress investor complaints pending against it.
SCORES is an online complaint redressal system of Sebi through which the complaints received by the regulator are electronically forwarded to the listed company, which in turn is required to resolve the same and furnish an action taken report in electronic form.