Mumbai, Sep 24 (UNI) Market regulator Securities and Exchange Board of India (SEBI) has prohibited six entities from buying, selling and dealing in shares of M/s Jaybharat Textile and Real Estate (JTREL) and M/s K S L Industries Ltd (KSLIL) until further order.
The SEBI, in an interim ex-parte order dated September 7, has said the entities such as M/s EDC Securities Ltd, M/s Jayshree Petrochemicals Pvt Ltd, Nitish Nayak, M/s Avery Procon Pvt Ltd, M/s Axon Realpro Private Ltd and M/s MDGNA Developers Pvt Ltd were found involved in the artificial rise of share prices of the JTREL and KSLIL.
These entities have been found to be dealing in the shares of both these companies with a strategic shift like first dealing in KSLIL followed by similar concerted activity in the shares of JTREL and contributing significant rise in the price and volume. In the case of KSLIL, these entities have subsequently sold substantial number of shares. The trading by these entities prima facie appears to be carried out with an intention to artificially inflate the price and volume in the scrips thereby inducing lay investors to deal in the shares of these companies, the SEBI said.
The connected entities continue to deal in shares of JTREL and KSLIL in a manner prima facie inconsistent with the interest of the investors and SEBI regulations, the SEBI order pointed out.