SEBI said its probe found these entities involved in artificially inflating price of Moryo Industries' scrip to Rs225 from Rs93.4 during January 2013 and August 2014
Market regulator Securities and Exchange Board of India (SEBI) has barred 91 entities including Moryo Industries, its promoters Mohan Jain and Deepika Mohan Jain, four directors of the company and 84 other preferential allottees from markets.
SEBI said its probe found these entities involved in artificially inflating price of Moryo Industries' scrip to Rs225 from Rs93.4 during January 2013 and August 2014 in two patches. The ex-parte interim order comes into effect immediately pending detailed investigation.
Observing substantial trading among themselves by related entities in the Moryo scrip, SEBI analysed the trading frequency, volume generated, buying behaviour and contribution to the price rise. Inter-relationships were ascertained using KYC details, bank statements, off-market transactions among themselves and information available on the Ministry of Corporate Affairs website.
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