The regulator additionally debarred the person, Vishal Vijay Shah, from being employed or related to any registered middleman or different registered individual dealing in securities market, straight or not directly and in every other method, for one 12 months.
The watchdog had carried out an investigation into the alleged irregularities in buying and selling in MPL shares throughout September 29 to December 31, 2009 interval.
It was noticed that the person had transferred 85,500 shares of MPL which had been bought by the use of market transactions for his three shoppers to a different set of 13 entities.
Additional, there was a repurchase of 83,547 shares from these 13 entities into the accounts of the three shoppers by the use of market transactions.
The person was discovered to have indulged in round buying and selling to create synthetic volumes for which he used the accounts of his shoppers and securities which was in violation of inventory brokers rules, Sebi stated in an order.
Whereas passing the order, Sebi stated the profession of Shah as a person inventory dealer is replete with numerous fraudulent actions equivalent to round trades, synchronised trades, misutilisation of shoppers’ funds and securities for which he has been penalised repeatedly sometimes.
His certificates of registration as a inventory dealer has already been suspended by the use of a Sebi order handed in July final 12 months.
The person has a historical past of non-cooperation with Sebi, didn’t adjust to the summons and in addition did not seem for cross examination earlier than the regulator, Sebi stated within the order whereas barring him from securities marketplace for one 12 months.