News

The market regulator, the Securities and Exchange Board of India, has imposed a penalty of ₹50 lakh on four individuals for engaging in fraudulent practices involving the manipulation of G G Engineering Ltd.'s shares.

Manish Mishra, Sunil Bhandari, Rekha Bhandari, and Anshu Mishra will be required to pay the penalty together and individually.

“I observe that Manish Mishra, in collusion with Anshu Mishra, Rekha Bhandari, Sunil Bhandari, engaged in a coordinated scheme to induce investors to acquire securities of GGENG (GG Engineering) through uploading false and misleading videos on the YouTube Channels,” Sebi's Adjudicating officer Amit Kapoor said in the order on Friday.

"As a part of the scheme, they created artificial volumes in the scrip of GGENGG. Further... Rekha Bhandari and Sunil Bhandari indulged in order spoofing, thereby leading to creation of misleading appearance of trading in the shares of GGENG," the order read.

Hence, Manish, Anshu, Rekha, and Sunil Bhandari have violated the provisions of the Prohibition of Fraudulent Trade Practices (PFUTP) rules.

The order was issued after Sebi investigated the scrip of GG Engineering Ltd and determined that the noticees (individuals) likely violated several market regulations.

Following that, the market regulator issued a show-cause notice on February 13, 2025, regarding the alleged violations.

On Friday, the regulator issued three separate orders, fining three entities a total of ₹16 lakh for engaging in non-genuine trades in illiquid stock options at the BSE.

Sebi found a significant reversal of trades within the BSE's stock options segment, resulting in the creation of artificial volume.

In view of this, the regulator conducted an investigation into the trading activities of certain entities in illiquid stock options on the BSE for the period from April 1, 2014, to September 30, 2015.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

Download the Mint app and read premium stories

Log in to our website to save your bookmarks. It'll just take a moment.

Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.