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.
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.