The Securities and Exchange Board of India (SEBI) has imposed fines on 15 entities after they allegedly made a profit of ₹2.09 crore through stock manipulation. The entities were found guilty of sending bulk SMSes disguised as stock tips from ICICI Securities. The fines, ranging between ₹5-8 lakh, were levied on Friday.
According to SEBI, the 15 entities engaged in deceptive practices by circulating bulk SMSes containing stock tips that were falsely attributed to ICICI Securities. These SMSes aimed to manipulate the stock market and mislead investors for personal gain. The entities collectively sold over 13.87 lakh shares at a price of ₹25 per share during the period when the SMSes were circulated.
The investigation focused on trades conducted in 2018, and the entities involved have been penalized for their involvement in the fraudulent activities. The fines imposed by SEBI are meant to serve as a deterrent and underscore the regulator’s commitment to maintaining the integrity of the securities market.
The case highlights the significance of investor protection and the need for strict enforcement against market manipulation. By penalizing the entities involved, SEBI aims to send a clear message that such fraudulent practices will not be tolerated and will be met with legal consequences.
Efforts to combat stock manipulation and safeguard investor interests require collaborative actions from regulators, market participants, and the public. It is essential for investors to exercise caution, verify the authenticity of stock tips, and rely on reputable sources of information when making investment decisions.
SEBI’s proactive stance in addressing stock manipulation contributes to maintaining the credibility and trustworthiness of the Indian securities market. Through effective monitoring and enforcement, the regulator aims to create a fair and transparent trading environment that promotes investor confidence and sustainable market growth.
Last Updated on: Saturday, June 17, 2023 8:53 am by Anu Priya | Published by: Anu Priya on Saturday, June 17, 2023 8:53 am | News Categories: GENERAL, Economy
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