New Delhi, Jun 29 (PTI) Markets regulator Sebi today slapped a fine of Rs 22 lakh on stock broker Vijay J Thakkar for indulging in fraudulent trading in the shares of SKS Logistics as well as violating broker norms. Also Read - LIVE CRICKET SCORE Ind vs Aus 4th Test Day 5 Today's Match Live Updates Gabba, Brisbane: Cummins Removes Rohit, Pujara Joins Gill

The regulator had conducted an investigation from June to October 2004 into the alleged irregularity in the share trading of SKS Logistics and into the possible violations of Sebi norms. Also Read - Lionel Messi Ban: Barcelona Star Could be Suspended For 12 Games Following Red-Card in Spanish Super Cup Final

The Securities and Exchange Board of India(Sebi) said it found that Thakkar had indulged in circular or synchronised trading in connivance with certain clients and was instrumental in creating artificial volume in the scrip which distorted market equilibrium. Also Read - Brisbane Weather Forecast For 4th Test Day 5: Will Rain Play Spoilsport During India vs Australia Match at The Gabba, Start Time, Match Predictions

Consequently, the regulator had imposed a penalty of Rs 22 lakh in August 2014.

Following this, Thakkar had approached Securities Appellate Tribunal (SAT), which in February 2016, had set aside the Sebi’s order and had directed the regulator to pass a fresh order.

Accordingly, the regulator in a fresh order passed today, said that the trades conducted by Thakkar were circular and executed with the intention to create an artificial volume in the scrip of SKS thereby violating PFUTP (Prohibition of Fraudulent and Unfair trade Practices Regulations.

The notice (Thakkar) had failed to exercise due skill, care and diligence and not maintained high standard of integrity, promptitude, fairness in the conduct of its business as a sub broker”, said Sebi in an order.

The regulator said there is no case for change in the penalty of Rs 16 lakh imposed on Thakkar through order passed in August 2014 for violation of PFUTP Regulations and Rs 6 lakh for violating code of conduct for sub brokers, hence, totalling penalty of Rs 22 lakh.

In a separate order, Sebi has imposed Rs 10 lakh fine on Chetan Dogra for fraudulent trading in the shares of BGIL Films and Technologies Ltd (BFTL).

The regulator during the investigation from June 2008 to March 2009 found that Dogra along with other entities of Brahmbhatt group executed self trades on repeated instances that created artificial volume.

Under the PFUTP Regulations, self trades are prohibited by the market watchdog.

“…violations of PFUTP Regulations by the noticee ( Dogra) attracts imposition of monetary penalty under the section …of Sebi Act”, said adjudicating officer Sangeeta Rathod.

This is published unedited from the PTI feed.