Selling of dematerialised shares issued in excess of authorised capital was a serious fraud on securities market

Where promoter of company 'SCCL' not only issued shares in excess of its paid up capital but also dematerialized those unauthorized excess shares and subsequently sold them in market to investors through appellant, SEBI debarred promoter of 'SCCL' from accessing securities market for 10 years and also imposed penalty on appellant for alleged violating Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003,

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