SEBI Revokes Market Ban On 244 Entities

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SEBI has lifted the trading ban on 244 entities which came under the scanner for alleged misuse of the stock market platform for tax evasion.

Capital market watchdog, SEBI has lifted the trading ban on 244 entities which came under the scanner for alleged misuse of the stock market platform for tax evasion. The regulator didn't find any "adverse evidence" against these entities, reported a leading business daily.
This development came after the market regulator earlier this month lifted the ban on more than 500 entities in four separate cases. The entities relieved by SEBI had been Pine Animation, First financial, Radford global case, Eco-pleasant food Processing Park, Esteem Bio organic food Processing, Channel Nine entertainment and HPC Biosciences.These entities have been additionally beneath SEBI’s radar for alleged misuse of the stock market platform for tax evasion and suspected money-laundering activities.
The regulator had, prima facie, discovered the acts of various entities of Kailash Auto group involving fraud in connection with dealing in securities which have been in violation of SEBI’s PFUTP (Prohibition of Fraudulent and Unfair alternate Practices) norms.Following the intervening time orders, SEBI conducted an in depth investigation into the position of quite a lot of entities in price manipulation within the scrip of Kailash Auto in an effort to ascertain the violation of securities laws.
After completion of the investigation, the regulator stated it "did not find any adverse evidence/adverse findings in admire of violation of provisions of the PFUTP regulations in respect of 244 entities".

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