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SEBI bans 21 entities in tax evasion case

Fri 14 Oct 2016, 10:25:29
Securities and Exchange Board of India, SEBI has banned 21 entities in a case related to tax evasion and illegal gains through misuse of stock exchange mechanism. 
A detailed investigation is on against others. The market regulator in an interim order in June this year had barred Dhyana Finstock and 75 other entities including these 21 entities, from the market for using the securities system to artificially bump up volume and price of the scrip to provide illegitimate gains to preferential allottees. 
Their purpose is to claim long-term capital gains benefits. As per the interim order, the probe began following the complaints received from several investors in the matter.The latest order of SEBI comes after the 21 entities did not submit their reply and failed to avail of personal hearing after the interim order was passed.

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