Pump-and-dump operation: Sebi bans 221 entities for up to 7 years; Hanif Shekh fined Rs 10 cr

SEBI passed a 394-page final order banning 221 entities for up to seven years for a pump-and-dump scheme involving five listed scrips — Mauria Udyog, 7NR Retail, Darjeeling Ropeway Company, GBL Industries and Vishal Fabrics. Mastermind Hanif Shekh was barred for seven years and fined Rs 10 crore, with five associates debarred for six years and fined Rs 2 crore each, while disgorgement of around Rs 143.79 crore in unlawful gains plus 12 per cent interest per annum was ordered. The regulator found that over 200 intricately connected entities acted as influencers, collaborators or offloaders to artificially inflate prices and volumes through synchronised trades before offloading at elevated prices.