Markets regulator Sebi has restrained four entities from accessing securities market for two years for executing fraudulent trading in the scrip of Seshasayee Paper and Boards Ltd (SPBL).
Sebi conducted an investigation into the trading of the scrip of the firm during December 2011 and October 2014 and found a sharp rise in the scrip price and volume.
It noted that the entities had traded among each other as a connected group.
Sebi said the entities were "connected to each other and bought and sold shares of SPBL through a common connected broker, acted as a group under a premeditated scheme / plan to indulge into circular trades at BSE (contributing to 25.27 per cent of total market volume) and NSE (contributing to 21.10 per cent of total market volume) ... and created misleading appearance of trading in the scrip without any intention of change in beneficial ownership."
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