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Markets regulator Sebi has levied a total fine of Rs 42 lakh on 19 entities for their role in fraudulent trading in the scrip of Pyramid Saimira Theatre.
The penalty follows a probe conducted by Sebi to ascertain violation of Prohibition of Fraudulent and Unfair Trade Practices norms by certain entities while trading in shares of Pyramid Saimira during June-December 2008.
Sebi found that as per media reports published in December 2008, the regulator had directed one of the promoters of Pyramid Saimira Theatre, P S Saminathan, to make an open offer for an additional 20 per cent stake.
The next day Saminathan told exchanges that he had received the alleged letter from the regulator. But Sebi, through a press release, clarified that no such letter was issued by it. ....

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