Adani Group promoters banned from stock market

Mumbai: Market regulator Securities and Exchange Board of India (Sebi) on Monday banned promoters of Adani Group from dealing in stock markets for two years for their involvement in the Ketan Parekh securities scam.

The promoters of Adani Exports, including Adani Agro, Adani Impex, Crown International, Shahi Property Developers, Adani Properties and Advance Intercontinental India have been restrained from “accessing the securities market either directly or indirectly” for two years, the regulator said.

During investigations, Sebi found there was a movement of shares as well as funds between the Adani Group and Ketan Parekh entities, which were used for manipulating the securities market and making payments at the time of settlements in the stock exchange.

The investigations further revealed that Ketan Parekh entities had indulged in manipulative activities such as synchronized trading/circular trading and creation of artificial volume to influence the share prices of Adani entities.

The order further pointed out that the promoters had traded in the scrips of Adani entities.