SEBI imposes fine on Gujarat CM Vijay Rupani for manipulative trading

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In an embarrssing revelation ahead of the crucial assembly polls, it has emerged that the Securities and Exchange Board of India (Sebi) on 27 October imposed penalties on 22 entities including Gujarat Chief Minister Vijay Rupani’s Hindu Undivided Family (HUF).

Vijay Rupani

The regulator imposed penalties of Rs 6.9 crore on all the entities including Rupani’s HUF for manipulative trading through a listed firm Sarang Chemicals.

The Sebi order added that Rupani’s HUF and 17 others “had indulged into artificial volume rise/creating misleading appearance of market/getting unlawful or unfair gain.”

The SEBI singled out Rupani’s HUF for imposing a fine of Rs 15 lakh.

Between January 2010 and June 2011 , these 21 “related” entities purchased shares of Sarang Chemicals, which accounted for 33 per cent of the market value, reported Indian Express.

The order said, “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. 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.”

Taking a potshot at Prime Minister Narendra Modi’s claims on corruption, the Congress vice president, Rahul Gandhi said, “The story of neither will I indulge in corruption nor will let anyone else do is evident through Shah-zada (Amit Shah’s son), Shaurya (Doval, son of the National Security Advisor Ajit Doval) and now Rupani.”

 

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