Sebi bars 6 entities from securities market for 2 years
Tulip Expotrade, Subah Multimedia, Shraddha Entertainment, Daffodil Tradex, Chetan Dogra HUF and Chetan Dogra are the entities facing the restraint.
Tulip Expotrade Pvt Ltd, Subah Multimedia Pvt Ltd, Shraddha Entertainment Pvt Ltd, Daffodil Tradex Pvt Ltd, Chetan Dogra HUF and Chetan Dogra are the entities facing the restraint.
The order follows an investigation carried out by the markets regulator between April 1, 2010, and September 30, 2010.
Sebi during the probe found that Chetan Dogra HUF and Chetan Dogra were indulged in execution of self trades in the scrip of Vertex Spinning and DMC International.
"I find that such high volumes of self-trades executed by the two noticees cannot have any purpose other than to create artificial volumes and misleading appearances of trading in the scrips thereby adversely impacting the market," Sebi said.
Besides, Sebi noted that some promoters of Vertex transferred shares in the off-market to Chetan Dogra and his group entities Daffodils Tradex, Shraddha Entertainment, Subah Multimedia and Tulip Export wherein Chetan Dogra is one of the directors and such off-market transfers were not executed against sufficient and valid consideration.
Thus, Sebi has barred the entities from accessing the securities market and further prohibited them from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, for a period of two years.