UP: Rs 70 lakh fine on Regency Hospital, directors
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Uttar Pradesh: Sebi has slapped a total penalty of Rs 70 lakh on Uttar Pradesh-based Regency Hospital as well as its two promoters for fraudulent trading in the company's shares.
In two separate orders issued on Friday, Sebi imposed fine of Rs 15 lakh on Regency Hospital, and Rs 25 lakh each on Managing Director Atul Kapoor and Whole Time Director Rashmi Kapoor.
They were found violating norms pertaining to fraudulent and unfair trade practices. Both are also promoters of the firm.
Additionally, Rs 5 lakh was imposed on Regency for failing to disclose to the exchange about information received from its promoters regarding their pledged securities. The watchdog examined the movement of the scrip during the period from
April to September 2011. Subsequently, it was found that the firm and the directors along with other connected entities executed synchronised trades, reversal trades and self-trades among themselves, resulting in artificial volumes.
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