SEBI allegedly penalises Rs 15 lakhs against Gujarat CM Vijay Rupani HUF in manipulative trades case

SEBI The Securities and Exchange Board of India has allegedly charged with a penalty of Rs 15 lakhs for manipulative trading through a listed firm called Sarang Chemicals among 22 entities, including Gujarat Chief Minister Vijay Rupani‘s HUF Hindu Undivided Family. In 2011, alleged manipulative transactions by Rupani made during January and June, as per SEBI’s order on SEBI website posted on October 27. Rupani was asked to pay the penalty within 45 days. SEBI has said that Rupani’s HUF and 17 other entities had indulged into artificial volume rise/creating misleading appearance of market/getting unlawful or unfair gain.

As per source.