INSUBCONTINENT EXCLUSIVE:
SEBI has penalised eight entities for fraudulent trading in Videocon sharesMarkets regulator Securities and Exchange Board of India (SEBI)
on Monday penalised eight entities for fraudulent trading in shares of Videocon Industries Limited.The entities are Acuity Merchants Private
Limited, Godavari Commercial services Private Limited, Kaberi Goods Private Limited, Invorex Vincom Private Limited, Coastal Fertilisers
Limited, Akansha Commodities Private Limited, Messrs Agarwal Holdings and Superdeal Fincom Private Limited.These entities are facing a fine
of Rs 16 lakh, payable jointly and severally, for violation of Prohibition of Fraudulent and Unfair Trade Practices norms.The order follows
an investigation conducted between April-September 2017.The probe found that these connected entities were trading on NSE and BSE during the
investigation period and entered into reversal and synchronised trades.By entering into synchronized trades in BSE and NSE, the Noticees had
had indulged in reversing their trades among themselves for the purpose of creation of artificial volume and to create false and misleading
appearance of trading in the scrip of Videocon, without the intention of change of actual beneficial ownership.
