LTCG case: Sebi revokes trading ban on 14 entities
24 Sept 2017 9:06 PM IST
New Delhi: Regulator Sebi has lifted trading ban on 14 entities which were alleged to have misused the stock market platform for money laundering and tax evasion as it did not find any "adverse evidence" against them.
The regulator's order came in the case related to Kamalakshi Finance Corporation Ltd (KFCL) wherein various entities were prima-facie found to have artificially inflated the company's share prices to make illegal gains. So far this month, the watchdog has revoked trading restrictions imposed on more than 750 entities in different cases to related to making fictitious long term capital gains (LTCG). In the latest matter related to KFCL – presently known as Gromo Trade & Consultancy Ltd – Sebi had barred 33 entities from the securities market in February 2015 till further orders. Later in August 2016, two entities were let off while the proceedings continued against 31 others.
Sebi had conducted an examination into dealings in KFCL shares during the period from January to December 2014 after a huge rise in share price was noticed.
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