Securities and Exchange Board of India (SEBI) has imposed fine on 22 entities, which also include the Hindu Undivided Family (HUF) run by Gujarat Chief Minister Vijay Rupani.
Rupani has been imposed a fine of Rs 15 lakh for an allegedly manipulative transaction carried out between January 2011 and June 2011.
According to SEBI sources, the show cause notice (SCN) to all 22 entities had been issued in May 2016. Rupani has not replied to the SCN, according to SEBI.
However, Rupani defended his position saying there has not been any illegal transaction during the said period.
In 2011, the share broker of Vijay Rupani HUF had carried out only one transaction which is a minuscule part of the total transactions done by several unconnected entities. https://t.co/qtfOwEiWyi
— Vijay Rupani (@vijayrupanibjp) November 9, 2017
He also questioned why affter six years one officer of SEBI passed an order against 22 persons imposing penalty without even hearing anyone of them including himself.
Further, Rupani said the order based upon which Business Standard has carried the news is already quashed and set aside by SEBI Tribunal.