SEBI Imposes 48 Lakh Fine On 8 Entities For Stock Price Manipulation- Check Details

The fine was levied following the discovery of share price manipulation of the said company. The implicated entities are mandated to collectively remit the fine within a 45-day timeframe as stipulated by the regulatory order.
SEBI,share price manuplation, stock price manuplation, Fine, SEBI,

SEBI Imposes 48 Lakh Fine On 8 Entities For Stock Price Manipulation (image source: iStock)

The Securities and Exchange Board of India (Sebi) imposed a penalty of Rs 48 lakh on eight involved parties, including the key promoters of United Polyfab Gujarat Ltd (UPGL). The fine was levied following the discovery of share price manipulation of the said company. The implicated entities are mandated to collectively remit the fine within a 45-day timeframe as stipulated by the regulatory order.

SEBI Investigative Proceedings

Sebi’s scrutiny of UPGL’s trading activities and those of certain entities was initiated to determine any contravention of the PFUTP regulations. The investigation’s outcome prompted Sebi to commence adjudication proceedings against the involved parties.

Notice and Adjudication

After the investigation, a show-cause notice was issued to the accused on July 18, 2023. The notice detailed the collusion between UPGL, Gagan Nirmalkumar Mittal, and other entities in a scheme designed to inflate the company’s share price and market capitalization. The objective was to transition UPGL from the NSE’s SME Platform ‘Emerge’ to its Main Board.

Verdict and Penalty

Shashi Kumar Valsakumar, Sebi’s Adjudicating Officer, affirmed the allegations of PFUTP violations against UPGL, Gagan Nirmalkumar Mittal, and the other notices. As a consequence of these fraudulent activities, Sebi has sanctioned the implicated entities with a fine.
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