Sebi slaps Rs 1.62 cr penalty on 9 entities for fraudulent buying and selling
Capital markets regulator Sebi on Friday slapped a penalty totalling Rs 1.62 crore on 9 entities for indulging in fraudulent buying and selling within the scrip of Sterling Green Woods Ltd. The regulator levied a positive of Rs 18 lakh every on Radhe Krishna Broking, Harshad Panchal, Hemang Shah, Abhishek Soni, Umesh Patel, Sonal Patel, Dhaval Soni, Anurag Agarwal and Paksh Developers.
The Securities and Exchange Board of India (Sebi) had carried out an investigation into the alleged irregularity in buying and selling within the scrip of Sterling Green Woods Ltd (SGWL) throughout April-July, 2009 interval.
During the probe, it was discovered that the 9 entities together with few others, collectively referred to as Hemang Shah Group, had been linked to one another and likewise associated with SGWL, Sebi mentioned in an order.