Markets regulator Sebi today barred 20 entities from the securities market for fraudulent trading in the shares of Well Pack Papers and Containers Ltd.
According to Sebi's order, "the noticees (entities) in the present proceedings were related/connected to each other and connived amongst themselves for execution of synchronised and self-trades, creation of artificial volume and price manipulation which distorted the market equilibrium and were fraudulent in nature".
In order to protect the interest of investors and the integrity of the securities market, Securities and Exchange Board of India (Sebi) restrained the entities from the capital market.
While 11 entities were barred for five years, Sebi restrained two entities for six year and seven entities for seven years, from the capital markets.
The entities allegedly violated several provisions of the Sebi(Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003.
Some of the entities are already banned from the securities market for violation of capital market norms in different cases.
