Capital market regulator Sebi today imposed a penalty of Rs 10 lakh on an individual for alleged fraudulent dealings in shares of Ind-Swift Laboratories.
Securities and Exchange Board of India (Sebi) slapped a fine of Rs 10 lakh on one Balwinder Singh and said that the penalty is "commensurate with the violations committed by him".
"...It is established beyond doubt that the noticee had indulged into wash trade/self-trades/fictitious trades which are manipulative/unfair/fraudulent in nature," Sebi said in an order.
An examination by Sebi into the alleged irregularities in the trading in shares of Ind-Swift Laboratories revealed Singh had indulged in executing wash trade/self trades/fictitious trades in the scrip of the company from August 01, 2010 to August 31, 2011.
These trades, the regulator, said were in violation of the norms on prohibition of fraudulent and unfair trade practices.
The regulator said that Singh is the proprietor of Gogia Investments, a registered sub-broker of Kotak Securities at National Stock Exchange (NSE) and BSE.
As per Sebi, Singh had traded in the scrip of Ind-Swift Laboratories through three different brokers including Kotak Securities at both BSE and NSE.
