The regulator has slapped a fine of Rs 5 lakh each on them for violating the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations.
Securities and Exchange Board of India (Sebi) had conducted an investigation in the scrip of Kanchan International during the October 4, 2011, and April 3, 2012, period.
It was found that Hitesh Asoo Nihalani and Maverick Investment Solutions had created artificial volume in the scrip of Kanchan International by reversing their trades and created a misleading appearance of trading in the scrip.
According to another order passed on Wednesday, the watchdog imposed a fine of Rs 10 lakh on Sudharshan Castings Pvt Ltd for violating securities contracts norms while dealing in the shares of
.
It was found that Sudharshan Castings had carried out transfer of shares through off-market without receipt of consideration.
