SEBI Instructs Payout Hold on Bodal Faux-Fax Fraud

Continuing with the hillarious Faux-Fax Bodal Chemical episode - SEBI announces -

"Given the above facts, it appears that there was an attempt to push apparently fraudulent announcements with a positive news in the public domain in order to mislead investors and a concentration of selling by a few entities, it is imperative that SEBI should intervene and prevent the attempt of a few to decamp with such prima facie ill-gotten profits.

The integrity of the market is compromised when trading takes place on the basis of incorrect information as was later confirmed so by the company upon query by the Exchange. The persons who have engineered such false news and covered it in the garb of an official announcement by the company will need to be identified in the course of investigation. I therefore find that prima facie there has been a violation of the Regulation 3 (c ) and (d) as also of Regulation 4 (f) and (k) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003."

MORE FUN IN THE full analysis & report attached. The analysis instructional on how to not do such a silly manipulation - and definately not get RADHESHYAM Stationary stuck in the fire.

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