SEBI also banned six other persons, who are either directors of the company or were part of its audit committee, for six years.
SEBI conducted an inquiry to ascertain whether the provisions of PFUTP were violated by certain entities.
The Securities and Exchange Board of India (SEBI) on Monday banned 85 entities and individuals, including Sunrise Asian Ltd, from trading in the capital markets for a period of up to one year for fraudulent trading by manipulating share prices. of many companies. The capital markets regulator has issued an order banning Sunrise Asian and its board of directors from engaging in any kind of transactions in the capital markets for one year. Another 79 related entities have been barred from doing business for six months.
SEBI had earlier scrutinized the shares of Sunrise Asian from 16 October 2012 to 30 September 2015 on the basis of a reference it had received from the Principal Director of Income Tax (Investigation), Kolkata.
Ultimately it was found that Sunrise Asian and its former directors had made an arrangement relating to allotment of shares under merger related activities, whereby 83 related entities were able to manipulate the shares during the period for which the investigation was conducted. Was. . According to SEBI officials, these activities violated the Fraudulent and Unfair Trade Practices (PFUTP) norms.
In a separate order issued on Friday, SEBI banned Coral Hub Ltd from the capital market for three years. SEBI also banned six other persons, who are either directors of the company or were part of its audit committee, for six years.
SEBI noted that the company had published exaggerated, false and misleading financial results during 2008-09 and 2009-10. The Board had received a complaint in this regard.
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