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Modi's pick to lead Gujarat Vijay Rupani fined Rs 15 lakh for unfair trading practices

Thursday November 9, 2017 2:12 PM, News Network

Vijay Rupani SEBI

The Securities and Exchange Board of India (SEBI) has penalised 22 entities, including Gujarat Chief Minister Vijay Rupani's Hindu Undivided Family (HUF), which has been asked to pay a Rs 15 lakh fine for manipulative trading through a listed firm called Sarang Chemicals.

The SEBI order comes barely a month before elections in Gujarat where Rupani is seeking re-election. Elections in the state are scheduled to be held on December 9 and 14, 2017.

The Securities and Exchange Board of India (SEBI) has imposed separate penalties amounting to Rs 6.9 crore on the 22 entities, which the regulator found were “connected or related”.

The alleged manipulative transactions were done between January 2011 and June 2011.

"The noticee (Rupani HUF) contended that the CD (compact disk) attached to SCN is damaged and it is unable to open the same. Considering the request of the noticee, another CD was sent to him vide communique, dated May 25, 2016, and informed the noticee number 18 that in case it is still unable to open the CD then, its duly authorised person may collect the same from office of undersigned with prior intimation", the SEBI order posted on its website on October 27 said.

"It was also stated in said communique to provide its e-mail ID. Vide letter dated June 13, 2016, the noticee requested for keeping in abeyance the proceedings till Mr Vijay Rupani recovers. As per medical certificates attached with said letter suggested for rest of eight weeks to Vijay Rupani from May 18, 2016, however, no reply towards the SCN has been received from it/him till date," the order said.

In May 2016 few months before Rupani took over the charge as Gujarat Chief Minister, Sebi had issued a common show cause notice to the 22 entities alleging violations under Sebi Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) relating to the securities market. However, SEBI did not receive any replies from Rupani’s HUF, Business Standard reported.

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