Individual Banned from Securities Market for 3 Years for Concealing Identity and Manipulative Trading Practices.

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....The Noticee (Mr. Vijay Mallya) violated SEBI Act and PFUTP Regulations by concealing his identity and using the FII route to trade in securities of his group companies in India. He employed manipulative and deceptive tactics by layering transactions through overseas entities he controlled, despite being the beneficial owner. This was detrimental to investors and intended to deceive the market, violating Regulations 3(a), (b), (d) of PFUTP Regulations and Sections 12A(a), (c) of SEBI Act. Matterhorn Ventures' shareholding in Herbertsons, shown as FII, actually belonged to the promoter category as it was funded by Mallya, misrepresenting facts and violating Regulation 4(2)(f) of PFUTP Regulations. Mallya devised a scheme to trade indirectly i.........