The Securities and Exchange Board of India (SEBI) has levied a Rs 2.64 crore penalty on 20 individuals found guilty of manipulating the share price of Quasar India. This enforcement action highlights SEBI's commitment to curbing market malpractice and protecting investor interests.
In a decisive move against stock market manipulation, SEBI has levied a collective penalty of Rs 2.64 crore on 20 individuals for their involvement in price manipulation of Quasar India shares. The regulator's adjudication order follows an in-depth investigation that uncovered attempts to create artificial volumes and mislead the market.
Key Highlights:
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SEBI identified coordinated activities among the accused, aimed at boosting the share price of Quasar India through questionable trades.
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The manipulative actions were designed to create a misleading appearance of active trading and price movement, violating regulations.
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Penalties were determined after considering the gravity of violations and the financial benefits accrued by the offenders
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This enforcement aligns with SEBI's zero-tolerance stance on fraudulent practices to ensure a fair and transparent securities market.
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The regulator’s proactive measures protect retail investors and maintain market integrity.
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SEBI remains vigilant, with ongoing surveillance to detect and deter similar violations.
This penalty sends a strong warning to market participants that any attempts to distort share prices will attract strict regulatory action.
Sources: SEBI official release, Moneycontrol, Economic Times, ET Now News