{"id":103910,"date":"2018-12-06T00:40:10","date_gmt":"2018-12-06T00:40:10","guid":{"rendered":"https:\/\/www.bnreport.com\/kailash-auto-finance-case-sebi-bans-7-entities-from-securities-market-for-4-years\/"},"modified":"2018-12-06T00:40:10","modified_gmt":"2018-12-06T00:40:10","slug":"kailash-auto-finance-case-sebi-bans-7-entities-from-securities-market-for-4-years","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/kailash-auto-finance-case-sebi-bans-7-entities-from-securities-market-for-4-years\/","title":{"rendered":"Kailash Auto Finance case: Sebi bans 7 entities from securities market for 4 years"},"content":{"rendered":"

NEW DELHI: Sebi<\/a> Wednesday barred seven entities from accessing the securities market for a period of four years for indulging in fraudulent trade in the scrips of Kailash Auto Finance<\/a>.<\/p>\n

Besides, the existing holding of securities, including units of mutual funds, of the entities would remain frozen during the period of restraint, the regulator said in a final order.<\/p>\n

The regulator had conducted an investigation from January 2013 to December 2015 in respect of trading in the stocks of Kailash Auto Finance to examine possible violations of securities norms.<\/p>\n

Sebi during the probe had also received a letter from the income tax department stating that certain entities had generated bogus long-term capital gain<\/a>, through stock exchange mechanism, in various scrip including the scrip of Kailash Auto Finance.<\/p>\n

During the examination, the regulator found that the seven entities were connected to each other and executed sell trades in a fraudulent manner to create misleading appearance of trading in the scrip at higher prices and thereby manipulating the share's price.<\/p>\n

The act of manipulating the price of scrip violates PFUTP (Prohibition<\/a> of Fraudulent and Unfair Trade Practices) Regulations, the Securities and Exchange Board of India (Sebi) said.<\/p>\n

Accordingly, Sebi banned Eversafe Promoters, Bholebaba Suppliers, Subhankar Exim, Sarvottam Advisory, Overall Vincom, Akriti Advisory Services (now known as Jagruti Infra Developers) and Supernova Advertising for period of four years.<\/p>\n

The four-year ban would include the debarment period of two and half years already served by Bholebaba Suppliers and Overall Vincom, Sebi noted.<\/p>\n

In March 2016, Sebi passed an interim order, restraining both the entities from the securities market till further directions. The order was subsequently confirmed through a confirmatory order.<\/p>\n

<\/a><\/strong> <\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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NEW DELHI: Sebi Wednesday barred seven entities from accessi..<\/p>\n","protected":false},"author":1,"featured_media":103911,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-103910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nKailash Auto Finance case: Sebi bans 7 entities from securities market for 4 years - Business News Report<\/title>\n<meta name=\"description\" content=\"NEW DELHI: Sebi Wednesday barred seven entities from accessi..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/kailash-auto-finance-case-sebi-bans-7-entities-from-securities-market-for-4-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kailash Auto Finance case: Sebi bans 7 entities from securities market for 4 years - 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