SEBI busts stock manipulating network, bars 16 from trading

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SEBI busts stock manipulating network, bars 16 from trading

Market regulator Securities and Exchange Board of India (SEBI) has uncovered a price rigging network and restrained 16 individuals from trading till further direction.

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Market regulator Securities and Exchange Board of India (SEBI) has uncovered a price rigging network and restrained 16 individuals from trading till further direction.

SEBI said the accused, which include Hemlata Hankare, Rashmi Gandhi, Alpesh Shah, Hasmukh Jain and Kamlesh Jain, indulged in synchronised trades. Majority of the trading was done by firms India Capital Markets and Emkay Global, the regulator added.

Synchronised trading was carried out in the following scrips: Asian Star , KSL , Mavens Biotech , Panoramic Universal , Allcargo , Rasi Electrodes , Sat Ind , Ushdev Int , Jaybharat Textiles , Lotus Eyes Care , MVL Industries , Anil Products and KBS Capital .