Sebi has banned the promoters of Adani Enterprises, formerly known as Adani Exports, from the stock market for a period of two years.
Sebi's action was based on an investigation which revealed that the promoters of Adani Exports were involved in circular trading with Ketan Parekh and his entities and aided them in manipulating the Adani scrip.
Sebi alleges that Adani Enterprises was involved in manipulative activities to influence the price of Adani scrip. The manipulative activities include synchronised trading, circular trading and creation of artificial volume. It observes that there was a movement of shares and funds between Adani Group and KP Entities and the funds were used by KP for manipulating stock markets and settlements.
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