The Securities and Exchange Board of India has penalised 22 entities, including Gujarat Chief Vijay Rupani’s Hindu Undivided Family, for unfair trade practices.
The Rupanis carried out manipulative trading through a company called Sarang Chemicals, the market regulator said in its order dated October 27. The Rupani family along with the other accused entities, that Sebi said were “connected or related”, allegedly created artificial volume in the shares of Sarang Chemicals by trading among themselves, the Business Standard reported.
The market regulator has imposed a Rs 6.9-crore fine on the accused. The Bharatiya Janata Party leader’s family has to pay Rs 15 lakh while three other individuals found guilty will have to pay Rs 70 lakh, the order said.
The alleged transactions that drew the regulatory body’s attention were carried out between January and June 2011. Rupani took charge of the Gujarat government in August 2016.
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