PMC Fincorp share price manipulation case: Two accused pay Rs 61 lakh settlement amount, settle case

Mumbai: Raghav Bahl and Ritu Kapur have settled a case of alleged violation of norms on fraudulent and unfair trade practices for dealing in the shares of PMC Fincorp.

Bahl and Kapur together have paid a total of about Rs 61 lakh as settlement amount.

The regulator said it observed that on August 17, 2009, Bahl and Kapur had purchased 4.40 lacs shares each of PMC before the company was listed on BSE.


Subsequently, both of them sold the shares of PMC in the market during Investigation Period — March 29, 2012 to March 31, 2015.

“Further, vide letter dated July 26, 2019, Office of the Dy. Director of Income Tax quoted a statement made under oath during a search in the case of PMC Fincorp Group on 11.10.2018, that the scrip price of PMC was rigged to provide accommodation entry of Long Term Capital Gain to various beneficiaries including Noticee 1 (Bahl)and Noticee 2(Kapur),” Sebi said in its order on Tuesday.

The regulator alleged that, Bahl and Kapur by trading with other connected entities created misleading appearance of trading and manipulated the price of the scrip.