Sebi imposes Rs 5 lakh penalty on IIFL
| By BS Reporter
|
The capital market regulator Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 5 lakh on domestic broking firm India Infoline Securities (IIFL), for alleged violation of the code of conduct for stock brokers.
In Focus: Is this the next online bubble waiting to pop?
In late 2008, a connected group was found executing synchronised, structured and reversal trades among themselves, which led to artificial volume and spike in the the scrip of Asian Star Company.
In Images: Highlights from the world's biggest tech show
It was alleged that IIFL allowed Sunil Mehta to operate the account of his mother Usha Mehta, leading to manipulative transactions and failed to carry out its business with due skill, care and diligence, said the Sebi order.
- Petrol carmakers announce up to Rs 50000 in discounts Read 366 Times
- Nude maid service raising eyebrows in Texas city Read 317 Times
- A Chennai restaurant's unique Saturday night dinner Read 271 Times
- Congress slams Trinamool over petrol price hike protest Read 143 Times
- Air India flies out stranded British Airways passengers Read 119 Times
