Market regulator Sebi today barred eight individuals from the securities market for two years for indulging in fraudulent transactions in the shares of Crazy Infotech.
In an order, the Securities and Exchange Board of India (Sebi) said it restrained eight entities from "accessing the securities market and further prohibit them from buying, selling or dealing in securities market, directly or indirectly, for a period of two years."
Among the barred individuals are Bhavesh Prakash Pabari, Hemant M Sheth, Anand Kalu Rapu Marathe, Rakesh Parasmal Singhvi, Rajesh Pravin Bhanushali, Prem Mohanlal Parikh, Shriprakash Vinaykumar Sardesai and Vikram Damodar Jalan.
Further, Sebi warned a total of 41 entities including these eight individuals "to be cautious in their future dealings and exercise due care and diligence in the conduct of their dealings as participants in the securities market."
According to Sebi, these eight individuals were indulged in self trades in the shares of Crazy Infotech on several occasions.
The instances of self trades entered into by them clearly indicate that the trades were executed with the fraudulent and manipulative intention to create artificial volume in the scrip of Crazy Infotech during April 2005 to December 2007.
"...Charge of self trades has been conclusively proved against the noticees (eight individuals) and such fraudulent transactions undertaken by noticees, in the scrip of Crazy Infotech by entering into self trades with no intention of transfer of beneficial ownership in the scrip per se are illegal and are in violation...Of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations," Sebi said.
