SEBI has fined Monalisha Securities Rs 2 lakh for manipulating the Videocon and NRB Bearing scrips.
These scrips were manipulated between May 1 and June 15, 2004.
SEBI found Monalisha Securities, a sub-broker of Intec Shares and Stock brokers (ISSBL), indulging in structured deals during the above period.
SEBI's investigation revealed that delivery of shares were neither given nor taken, creating artificial volume and impacting the price of the scrips.
Examination of data revealed that Monalisha Securities was involved in 16 structured deals across six settlements in Videocon on the NSE.
On all six days, the trade was reversed within a minute of the first trade and positions at the end of the day used to be nil. The total quantity traded in all these deals was 74,000 shares.
Similarly, in the NRB bearings scrip 24,000 shares were traded in total across 13 structured deals on three days and the same story was repeated- Mansukh booked losses and ISSB, profits.