Market regulator Sebi imposed a fine totalling Rs 34 lakh on 10 entities for indulging in fraudulent trading in the shares of Mindvision Capital.
The Securities and Exchange Board of India (Sebi) had conducted an investigation in the trading activities of the company between June 2009 and February 2010.
The probe found that the entities were connected to each other and executed circular trading in the scrip of Mindvision, which resulted in creation of artificial volume.
The total volume that was contributed by the circular trading was 94,745 shares which is 12.5 per cent of the total market volume, Sebi noted.
"The scheme, plan, device and artifice employed by the noticees in this case of circular trading, tantamount to fraud on the securities market in as much as it involves manipulative transactions in securities and misuse of the securities market.
