Important news for stock market investors. Market regulator Sebi has banned 85 units, including Sunrise Asian Limited, from trading in the stock market.
On all of these, manipulating the company’s share price Banned for one year Has gone In its order, Sebi has banned Sunrise Asian and its five directors from the capital market for one year and 79 units for six months. Sebi had examined Sunrise Asian’s shares for the period from October 16, 2012 to September 30, 2015, based on a reference received from the Director General of Income Tax (Investigation), Kolkata.
In its inquiry, Sebi found that according to the allotment of shares under the merger scheme, Sunrise Asian and its former directors had devised an arrangement under which 83 concerned units traded the share price in four patches during the investigation period. Was Fraud and Improper Business Practices (PFUTP) rules have been violated. SEBI found that 77 out of 83 units were opposed to the sale of shares at 1059 units / allottees at artificially enhanced or manipulated prices, thus violating the rules.