Gujarat CM fined

The Securities and Exchange Board of India (SEBI) has penalised 22 entities, including Gujarat Chief Minister Vijay Rupani’s Hindu Undivided Family (HUF), which has been asked to pay a Rs 15 lakh fine for manipulative trading through a listed firm called Sarang Chemicals.

According to SEBI’s order on its website posted on October 27, the alleged manipulative transactions by Rupani were done between January and June 2011. He took charge as Gujarat Chief Minister in 2016.

Rupani has been asked to pay the penalty within 45 days. SEBI has said that Rupani’s HUF and 17 other entities “had indulged into artificial volume rise/creating the misleading appearance of market/getting unlawful or unfair gain.”