Mumbai: Regulator SEBI Tuesday barred IFSL Limited and 50 other entities from the securities markets for two years for alleged fraudulent trading.
The Securities and Exchange Board of India (SEBI) has restrained these entities "from accessing the securities market and prohibit these from buying, selling or dealing in securities in any manner either directly or indirectly for a period of two years."
Among the prohibited entities included IFSL, its promoters, directors and inter-connected group of clients.
It was found that the promoters of IFSL in connivance with certain board of directors of the company created artificial rise in the price and volume in the scrip of IFSL through the group of inter-connected entities/clients.
The trades executed by these entities had "influenced the share price of the scrip and were in the manner of synchronised and structured trades which in turn had created volumes in the scrip."
Such activities are in violation of the PFTUP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, the regulator added.
