Throughout the examination, Sebi found that IMGPL and Dhiren Group prima facie in violation and the rest two entities had made incorrect gains by trading in the scrip of Infibeam Avenues Limited while in possession of UPSI.
Sebi stated Rs 2.61 crore was impounded, jointly from Dhiren Mahendrakumar Shah HUF, Affluence Fincon Service and Amee Dhiren Shah and, Rs 97.36 lakh will be impounded from a groups company, Infinium Motors Pvt. Ltd. (IMGPL). An investigation for 2016, November to 2017, June duration was carried out into shares of Infibeam Avenues Ltd. (IAL) to inspect whether the entities had sold the scrips in possession of Unpublished Price Sensitive Information (UPSI).
Sebi in an order said Vishal Mehta, Promoter and MD of IAL, had actually passed on UPSI to his bro Malav Mehta, Director in IMGPL and authorised to trade in scrips on behalf of IMGPL. The regulator likewise enforced a penalty of Rs 5 lakh on MCS Share Transfer Agent Ltd. for stopping working in offering the needed files to the auditors selected by Sebi.
Infibeam Avenues Ltd. (IAL) Securities and Exchange Board of India (SEBI) Unpublished Price Sensitive Information (UPSI).
On 25 August, Securities and Exchange Board of India (Sebi) has actually purchased impounding of wrongful gains of Rs 3.6 crore from 4 entities related in the insider trading of shares of Infibeam Avenues Ltd. (IAL).