Market regulator Sebi On Monday freed brokerage firm India Infoline from charges of facilitating fictitious trading in shares of GHCL Ltd but reprimanded it for "lack of promptness" in cooperating in the probe.
In connection with a probe into a sharp rise in price and trading volume of shares of GHCL between November 6, 2006, and March 31, 2007, Sebi had conducted a probe in the role of brokers and their clients who traded in the stock.
“It was observed during the investigation that certain entities had indulged in synchronisation of deals/reveral trading/fictitious trading in shares of GHCL in such a manner that led to creation of artificial volume and impacted the price of the scrip,” said the Sebi order.
