SEBI bars 135 entities over stock manipulation and fines them ₹ 1.26 billion
The Securities and Exchange Board of India (SEBI) has acted swiftly against a scheme involving the manipulation of stock prices. They have issued a temporary ban on 135 entities and fined them around ₹1.26 billion. These entities were found guilty of engaging in wrongful practices and making illegal profits by manipulating the stock prices of small-cap companies through bulk messages.
These companies are 7NR Retail, Mauria Udyog, Darjeeling Ropeway Co, Vishal Fabrics, and GBL Industries
These entities manipulated the stocks in two ways.
First, they traded among themselves to artificially increase stock prices.
Second, they sent out misleading recommendations through SMS, websites, and social media to deceive the public. They profited by selling their stocks at inflated prices. As a result of these manipulations, the entities were able to cash in their positions and make substantial profits.
By emphasizing the importance of registered intermediaries and cautioning against blind reliance on bulk messages, websites, and social media, SEBI encourages individuals to seek guidance from authorized sources, safeguarding their investments and ensuring legitimacy.
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