Sebi on Friday affirmed its earlier order with some modifications against 12 entities, including promoter of V Marc India Ltd for engaging in a fraudulent scheme to manipulate volumes and price of the company's shares.
Passing a 121-page confirmatory order with some modifications, Sebi restrained 12 entities from the securities market.
"I, hereby confirm the directions of the interim order dated February 28, 2024, subject to the following modification - the total liability for the alleged illegal gains to be impounded stands modified to Rs 6.30 crore as Jai Kishorr Singhal has deposited the alleged illegal gains made by him," Sebi's whole time member Ananth Narayan G said in the confirmatory order.
The watchdog also noted observations made in the present order are tentative in nature and pending further investigation. The probe will be carried out without being influenced by any of the directions passed or any observation made either in the interim order or in the present order.
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