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Moryo Industries, its promoters (Mohan Jain and Deepika Mohan Jain), four directors and 84 other preferential allottees have been restrained from buying and selling in the securities market for artificially inflating the price of the scrip to ₹225 from ₹93.4 between January 2013 and August 2014 in two patches. The ex-parts interim order comes into effect immediately pending detailed investigation.
Observing substantial trading among themselves by related entities in the Moryo scrip, SEBI analysed the trading frequency, volume generated, buying behaviour and contribution to the price rise. Inter-relationships were ascertained using KYC details, bank statements, off-market transactions among themselves and information available on the Ministry of Corporate Affairs website.
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