Separately, the market regulator has also barred 14 people and four entities from accessing the markets in the JVG Finance case
Market regulator Securities and Exchange Board of India (SEBI) has barred 16 people from dealing in the securities market with immediate effect till further directions on charges of synchronised trading. Separately, SEBI also barred 18 people from accessing the securities markets in the JVG Finance Ltd case.
A group of 16 individuals, including Hemlata Ramesh Hankare, Rashmi R Ghandhi, Anil Rajmal Shah, Alpesh R Shah, Jitendra Mannalal Jain, Renu Madhusudhan Paliwal, Hasmukh Valchand Jain and Naresh V Rajawat, was prima facie involved in synchronised or circular trading, SEBI said.
The companies in which the group artificially created trading volumes during March 2009 to September 2009 are Allcargo Global Logistics, Asian Star Co, KSL & Industries, Mavens Biotech, Panoramic Universal, Rasi Electrodes, Sat Industries and Ushdev International.
"The group had indulged in creation of artificial volume by trading among themselves. Most of the trades among the group were synchronised," the regulator said.
SEBI said that the National Securities Depository Ltd and the Central Depository Services (India) Ltd have been directed to freeze the beneficial owner accounts of these 16 people.
It also directed the National Stock Exchange and the Bombay Stock Exchange to square off any existing open positions of these individuals in the futures and options segment.
In the matter of JVG Finance, while barring 14 people and four entities from accessing the securities markets, the market regulator in its order issued on 22nd February, has disposed the proceedings against the company and Jagdish Narain and Pramod Kapur without giving any directions.
The group barred in the JVG Finance case include VK Sharma, Tripat Singh Bhan, Biresh Prasad Singh, DP Nayyar, SP Sharma, BB Sharma, MN Badam, A Subba Rao, Rakesh Mishra, Hari Kumar, Rana Das, SK Gupta, Ashok Kumar Kohl and Gopal Gupta as well as Hoffland Finance Ltd, Marisia Financial Services Ltd, VM Investments and Evergrow Financial Services Private Ltd.