Tax evasion via stocks: Sebi revokes ban on 82 entities
21 Sept 2017 11:04 PM IST
New Delhi: Capital markets regulator Sebi has revoked trading ban imposed on 82 entities which had come under the scanner for alleged manipulation and misuse of stock market platform for tax evasion, saying it did not find any adverse evidence against them.
Earlier this month, Sebi had revoked ban on 421 entities in three separate cases. These are Pine Animation case, First Financial as well as in the matter of dealing in shares of Eco Friendly Food Processing Park, Esteem Bio Organic Food Processing, Channel Nine Entertainment and HPC Biosciences.
These entities were also under the Sebi's scanner for alleged misuse of stock market platform for tax evasion and suspected money-laundering activities.
In the present case, Sebi, in December 2014 and November 2015, had restrained a total of 123 entities from the markets till further directions after conducting a preliminary examination into the dealings in Radford Global shares during January 2013 to March 2014.
It was prima facie found that the Radford Group and suspected entities and allottees used the securities market system to artificially increase volume and price of the scrip for making illegal gains to and to convert ill-gotten gains into genuine one.
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