January 24, 2020
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Fraudulent trading: regulator penalises non genuine option trades that created artificial volume and enforces insider disclosure rules.
The securities regulator found Scan Steels executed repetitive non-genuine stock option trades that created artificial trading volume, violating Prohibition of Fraudulent and Unfair Trade Practices norms and resulting in a monetary penalty. Separately, a director breached Prohibition of Insider Trading norms by failing to disclose disposals promptly and by trading within a six-month restricted period without documented compliance officer relief, contravening the company's insider trading code.