Sebi bars 12 entities from securities market for manipulating share price

The probe revealed that entities were connected to each other and were acting in concert to manipulate the price of the scrip. Despite sufficient buy orders being available in the market, the entity released a very small quantity of shares in each transaction and performed not more than one transaction a day.

The intention of the entities was to mark the share price higher and not merely to enter into the sale transactions, Sebi noted.

By doing so, they violated the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms, the regulator said.

Accordingly, All Time Buildtech Pvt Ltd, Anuradha Arora, B G Freight Shoppe India, Girraj Kumar Gupta HUF, and Ever Bright Trading Pvt Ltd were among the 12 entities that were barred from the securities market for 4 years.