Sebi Cracks Down on Quasar India Fraud: Rs 2.64 Crore Penalty Imposed

The Securities and Exchange Board of India (Sebi) has levied penalties amounting to Rs 2.64 crore on 20 individuals found guilty of manipulating the price and volume of Quasar India Ltd's scrip. Among them, 18 individuals were jointly and severally fined Rs 2.5 crore, while an additional Rs 7 lakh each was imposed on Mrugesh Natwarlal Ruparel and Arpit Piyushbhai Shah.

According to the regulator's findings, these individuals were part of a network that artificially inflated the trading volume and price of Quasar shares, misleading investors into believing there was genuine market interest. Sebi's adjudicating officer, Amit Kapoor, outlined how these actions resulted in profit gains of Rs 1.96 crore.

The individuals were found in violation of the Prohibition of Fraudulent and Unfair Trading Practices (PFUTP) regulations. Furthermore, they attempted to evade further scrutiny by failing to comply with summonses issued during the investigation period from May 1, 2022, to December 31, 2023. The penalties reflect serious consequences for those disrupting market integrity.