Sebi today imposed Rs 1.50 lakh penalty on Triveni Management Consultancy Services for fraudulent

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trade in shares of nine firms and failing to comply with the market regulator's norms for stock brokers.

Sebi had alleged that Triveni executed manipulative trades in shares of -- Allcargo Global Logistics, Asian Star Company, MVL Ltd, KSL & Industries, Panoramic Universal, KBS Capital Management, Sat Industries, Lotus Eye care Hospitals and Ushdev International.

"...It is established beyond doubt that the noticee had aided/abetted its clients in executing fraudulent and manipulative trades which created artificial volumes and influenced price of the aforesaid scrips," Sebi said in its order.

"The noticee also failed to carry out its business with due care, diligence and skill while trading for its said clients," it added.

Sebi had conducted probe into the share trading of 12 companies and noticed a huge change in their prices between March 1 - December 15, 2009.

The regulator found that Triveni dealt in the shares of nine companies on behalf of its clients -- Bharat Jain, Suresh Hanswal and Meena Rajawat.

These clients had allegedly executed manipulative trades through and with the assistance of Triveni.

Sebi said that the transactions, were in the nature of synchronised/structured/circular trades and allegedly created artificial volumes in shares of the companies.