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The Adjudicating Officer found that the appellant, in collusion with certain brokers and clients, had executed synchronized trades on the Bombay Stock Exchange in the scrip of Jindal Drilling & Industries Ltd. and indulged in non-genuine/fraudulent transactions in violation of the Regulations which resulted in creation of artificial volume, manipulation of the price of the scrip and distorting the market equilibrium.
The adjudicating officer, by an ex-parte order, found the appellant guilty of the charge and imposed a monetary penalty of Rs.25 lacs on it.
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