SEBI fines Rs 1.16 crore on 115 entities for fraudulent trading
Admin
Jul 4, 2022 11:47
62
Capital markets regulator SEBI levied a total fine of Rs 1.16 crore on 115 entities for indulging in the manipulation of scrip in the matter of Kelvin Fincap Ltd. In its order, the regulator imposed fines in the range of Rs 25,000 to Rs 5 lakh.
The regulator passed an ad interim ex-parte order dated August 14, 2014, where it barred Kelvin Fincap Ltd (KFL) and 43 other related entities from the securities markets and further restrained the company from raising any capital either directly or indirectly.
Thereafter, SEBI vide order dated March 31, 2015, dropped the proceedings against the two entities.
Subsequently, the market watchdog conducted a detailed investigation into the matter relating to the trading activities of certain entities in the scrip of KFL.
