Sebi has levied penalties totalling Rs 2.8 crore on 18 entities as well as barred them from securities markets for up to five years for manipulating the share prices of Retro Green Revolution Ltd (RGRL).
Besides, the regulator has directed 15 of these entities to disgorge the total unlawful gains worth Rs 2.94 crore, along with 12 per cent interest per annum from December 31, 2021, till the date of payment.
The amount is to be deposited in Sebi’s Investor Protection and Education Fund within 45 days.
In its 61-page order passed on Tuesday, the regulator found that the entities were part of a premeditated scheme to artificially jack up the price of an illiquid scrip of RGRL and lure gullible investors.
Sebi observed that the scheme involved trading among connected entities to create artificial volumes in a thin stock, followed by circulating tips/ stock recommendations through a Telegram channel.
The noticees no 1 to 6, including Sanjay Arunkumar Choksi, had indulged in creating aSebi has levied penalties totalling Rs 2.8 crore on 18 entities as well as barred them from securities markets for up to five years for manipulating the share prices of Retro Green Revolution Ltd (RGRL).
Besides, the regulator has directed 15 of these entities to disgorge the total unlawful gains worth Rs 2.94 crore, along with 12 per cent interest per annum from December 31, 2021, till the date of payment.
The amount is to be deposited in Sebi’s Investor Protection and Education Fund within 45 days.
In its 61-page order passed on Tuesday, the regulator found that the entities were part of a premeditated scheme to artificially jack up the price of an illiquid scrip of RGRL and lure gullible investors.
Sebi observed that the scheme involved trading among connected entities to create artificial volumes in a thin stock, followed by circulating tips/ stock recommendations through a Telegram channel.
The noticees no 1 to 6, including Sanjay Arunkumar Choksi, had indulged in creating a Latest News [ SOBAN NEWS: International and National ]
