Capital markets regulator Sebi on Thursday levied fines totalling Rs 85 lakh on 10 entities for manipulating the share worth of Millitoons Entertainment Ltd (MEL).

The regulator imposed fines within the vary of Rs 5-10 lakh on Preyashbhai Sathvara, Sejalben Prayashkumar Sathvara, Suresh Ramanlal Prajapati, Dharmeshbhai J Vaghela, Vijay Madhusudanbhai Koshti.

Parmar Mukeshkumar, Mehulkumar Balvantbhai Tundiya, Harishkumar Sakariya, Rekhaben Harishbhai Sakariya and Mobonair Wireless had been additionally fined by the market watchdog.

The order got here after Sebi carried out an investigation within the scrip of Millitoons Entertainment Ltd (now often called Colorchips New Media Ltd) throughout March-April 2018.

The regulator discovered that Preyashbhai, Sejalben, Prajapati, Vaghela, Koshti, Mukeshkumar, Tundiya, Harishkumar and Rekhaben executed 97 synchronised trades which contributed 21.63 per cent of the market quantity within the scrip of MEL at BSE. The trades had been performed through the investigation interval and had been repetitive in nature, additional contributed Rs 2.35 to internet final traded worth (LTP).

They repeatedly entered into synchronised trades thereby created a deceptive look of buying and selling within the shares of the agency at BSE with none intention of change of possession, thereby violating PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms, the Securities and Exchange Board of India (Sebi) stated within the order.

In addition, the regulator additionally noticed that it had issued summons to Preyashbhai, Sejalben, Suresh, Dharmeshbhai, Vijay, Parmar, Mehulkumar and Moboair to offer data to the investigating authority.

However, they did not adjust to the summons and likewise did not furnish requisite data which hampered the investigation.

Meanwhile, in a separate order, the regulator slapped a high-quality of Rs 24 lakh on two entities for failing to make public announcement associated to the acquisition of shares of Onesource Ideas Venture Ltd.

The high-quality must be paid collectively and severally.

In one other order, Sebi imposed fines totalling Rs 15 lakh on 5 entities for flouting regulatory norms within the matter of Ejecta Marketing Ltd.

(This story has not been edited by Devdiscourse workers and is auto-generated from a syndicated feed.)