Regulator Sebi has lifted trading ban on 244 entities which came under the scanner for alleged misuse of stock market platform for tax evasion, saying it did not find any "adverse evidence" against them.
The move comes after Securities and Exchange Board of India (Sebi) earlier this month revoked ban on more than 500 entities in four separate cases.
These are Radford Global case; Pine Animation; First Financial as well as the matter of dealing in shares of Eco Friendly Food Processing Park, Esteem Bio Organic Food Processing, Channel Nine Entertainment and HPC Biosciences.
These entities were also under Sebi's radar for alleged misuse of stock market platform for tax evasion and suspected money-laundering activities.
In the present case, Sebi in March 2016 had restrained 246 entities from the markets till further directions after conducting a preliminary probe into the dealings in Kailash Auto Finance from January 2013 to December 2015 following unusual price movement and volume in the company's shares.
Subsequently, five confirmatory orders were passed against these entities between June 2016 and July 2017.
The regulator had, prima facie, found the acts of various entities of Kailash Auto Group involving fraud in connection with dealing in securities which was in violation of Sebi's PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms.
Following the interim orders, Sebi conducted a detailed investigation into the role of various entities in price manipulation in the scrip of Kailash Auto so as to ascertain the violation of securities laws.
After completion of the investigation, the regulator said it "did not find any adverse evidence/adverse findings in respect of violation of provisions of the PFUTP regulations in respect of ...244 entities".
Accordingly, Sebi in an order passed on September 21 has revoked the interim and confirmatory orders against these entities with immediate effect.
However, the regulator said directions issued against the remaining two entities would continue.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)