Home / Markets / News / Sebi bars 20 entities for conducting fraudulent trading in Pyramid Saimira

Sebi bars 20 entities for conducting fraudulent trading in Pyramid Saimira

The regulator has also directed two entities to disgorge unlawful gains of over Rs 21 lakh, made while dealing in the scrip of the firm

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However, the company told exchanges that it had not received any communication from Sebi

3 min read Last Updated : Jun 23 2020 | 10:48 PM IST

Markets regulator Sebi on Tuesday restrained 20 entities from accessing securities market for conducting fraudulent trading in the scrip of Pyramid Saimira Theatre, thereby violating market norms.

The regulator has also directed two entities to disgorge unlawful gains of over Rs 21 lakh, made while dealing in the scrip of the firm.

Sebi found that as per media reports published in December 2008, the regulator had directed one of the promoters of Pyramid Saimira Theatre, P S Saminathan, to make an open offer for an additional 20 per cent stake at a price of at least Rs 250.

This led to an increase

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