Stock Broker Penalized for Spoofing Under SEBI Act Sections 12A and 27 with Asset Freeze and Trading Ban

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....The Board found that the Noticees engaged in spoofing, a manipulative trading practice violating sections 12A(a), (b), (c) of the SEBI Act and multiple provisions of the PFUTP Regulations, by placing and canceling non-genuine orders to mislead the market and execute trades on the opposite side. The principal violator, a registered stock broker, executed such manipulations across numerous scrips over three years, accruing unlawful gains of INR 3.22 crores. Executive directors were held vicariously liable under section 27 of the SEBI Act. Consequently, interim measures were imposed: impoundment of unlawful gains via fixed deposits with SEBI lien; prohibition on securities trading and market access for all Noticees; restrictions on bank and de.........