New Delhi: 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.
The order came after Sebi conducted an investigation of UPGL and trading by certain entities in the scrip of the company, to ascertain whether there was any violation of the provisions of the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules.
Based on the findings of the probe in the matter of trading by certain entities in the scrip of UPGL, the regulator initiated adjudication proceedings against these entities.
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