India's SEBI fines 18 entities ₹2.8 crore and debars them 5 years over RGRL manipulation
→Trading and compliance teams cannot execute or clear trades for debarred entities
Change
India's Securities and Exchange Board of India (SEBI) has imposed penalties totalling ₹2.8 crore on 18 entities, barred them from securities-market participation for up to five years, and directed 15 implicated entities to disgorge ₹2.94 crore plus 12% per annum interest from December 31, 2021 until payment for manipulating Retro Green Revolution Limited shares.
Why it matters
SEBI treats coordinated trades that manufacture artificial volumes among connected accounts as manipulative conduct subject to enforcement. SEBI's findings link the circulation of tips or stock recommendations through messaging channels such as Telegram to enforcement liability for implicated accounts.
Implications
- — Trading and settlement teams at broker-dealers and clearing corporations must immediately block or reject trade and settlement instructions involving debarred entities — processing such instructions exposes the firm to regulatory breach and SEBI enforcement action.
- — Compliance and risk teams at securities firms and brokerage houses must immediately verify counterparties against SEBI debarment determinations before accepting trades — failing to do so exposes the firm to regulatory penalties and enforcement scrutiny.
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Source
View on The Hindu