- The Securities and Exchange Board of India (SEBI) has banned the promoters of Adani Group, a large conglomerate, from the capital market for two years.
- The ban is due to their involvement in manipulating the shares of Adani Enterprises Ltd, a subsidiary of Adani Group.
- SEBI member TC Nair issued the ban on Monday, February 21, 2022.
- The ban restrains the promoters of Adani from accessing the securities market either directly or indirectly, and also prohibits them from buying, selling, or dealing in securities for two years.
- Investigations by SEBI revealed that entities connected with Ketan Parekh, a former stockbroker, had indulged in certain manipulative activities such as synchronised trading/circular trading and creation of artificial volume to influence the price in the scrip (a security) of Adani.
- The Adani group and KP entities were found to have moved funds and shares between them, which were used to manipulate the securities market.
- It was also found that the promoter entities of Adani traded in the scrip of Adani during the relevant period, which is from November 1999 to March 2001.
- The Adani group contended that they were not aware of the counterparty for the sale transactions of 15.88 lakh shares executed through the broker Triumph International during this period.
- The ban is a significant move by SEBI to crack down on market manipulation and protect investors.
- The ban applies to specific promoter entities of Adani, namely Adani Agro Pvt Ltd, Adani Impex Pvt Ltd, Crown International, Shahi Property Developers Pvt Ltd, Adani Properties Pvt Ltd, Advance Exports, and Intercontinental India.
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शिक्षा , इतिहास , अर्थशास्त्र, राजनीति और अन्य समसामयिक विषयों पर पत्रकार गिरिजेश वशिष्ठ के विश्लेषण इस चनल पर लगातार मिलता है. आजाद, खुली और स्वस्थ पत्रकारिता को अपने अनुभव से लेकर आते हैं.
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