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Market regulator Securities and Exchange Board of India (SEBI) has uncovered a price rigging network and restrained 16 individuals from trading till further direction.
SEBI said the accused, which include Hemlata Hankare, Rashmi Gandhi, Alpesh Shah, Hasmukh Jain and Kamlesh Jain, indulged in synchronised trades. Majority of the trading was done by firms India Capital Markets and Emkay Global, the regulator added.
Synchronised trading was carried out in the following scrips: Asian Star, KSL, Mavens Biotech, Panoramic Universal, Allcargo, Rasi Electrodes, Sat Ind, Ushdev Int, Jaybharat Textiles, Lotus Eyes Care, MVL Industries,Anil Products and KBS Capital.
Around 2 weeks back had posted a detailed article on how circular trading or synchronised trading takes place in some stocks. Its co-incidence that after couple of weeks SEBI suddenly wakes up and busts a stock manipulation network.
Check the links below :
Also few days back had mentioned a warning on how ThinkSoft could be soon dumped to retail investors.
The stock has since collapsed from 520-540 to 260s !!!
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