SAT upholds penalty imposed on promoter and others for price manipulation and synchronized trades

COMPANY LAW : Where pursuant to investigation into trading in scrip of RFL it was found that 23 connected and related entities entered into synchronised, reversal and self-trades and, appellant-promoter and rest of his related appellants were involved in manipulation of share price and SEBI directed appellants to pay a penalty for violation of the PFUTP Regulations, it was held that there was a price manipulation, volume manipulation by synchronized trades, reversal trades, self-trades, LTP cont

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