MJP –
Some international markets, including India’s stocks and Exchange Board, have recently instituted prohibitions on the unlawful trading of their stocks.
The Indian securities market would be inaccessible to Vijay Mallya for the next three years, according to the Securities and Exchange Board of India (Sebi).
The once-prominent booze magnate is currently barred from engaging in any indirect or direct transaction involving securities.
According to LiveLaw, he is also not allowed to be associated with any firm that is listed or is planned to be listed.
Sebi claims that as part of this prohibition, all of Mallya’s current securities assets, including units in mutual funds, will be frozen.
This verdict is a result of an inquiry into the possible use of UBS AG offshore bank accounts to launder money from the Indian stock market.
Following their inquiry, Sebi determined that Mallya had violated the framework of the FII Regulations.
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He was found to have dealt in the securities of his listed group firms in India using manipulative techniques and misleading artifices, according to regulators.
“Indulged in fraudulent activities and unfair trading practices, violating securities laws,” the order said of Mallay, according to Times Now News.
Illegal stock trading is a rising problem in the US that shows no signs of going away.
Despite pleading guilty to securities fraud charges, prominent short seller Andrew Left was released on a $4 million bond following the accumulation of $16 million in illicit trades. Left is famous for shorting GameStop.
There was a $1 million collateralized bond, and the judge gave Left until August 5 to pay it, according to Bloomberg.
According to a statement made by Kate Zoladz, director of the SEC’s Los Angeles regional office, “Andrew Left took advantage of his readers.”
“He gained their confidence and tricked them into trading under false pretenses so he could easily turn around and profit from the price movements that followed his reports.”
Left and his firm allegedly made $20 million in “ill-gotten profits” from the scheme, according to the SEC.
