February 21, 2015 6:59 AM

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SEBI cracks down on 33 entities over Rs1800 cr tax evasion

In a fresh clampdown on entities misusing stock markets for evading taxes, SEBI has imposed trading restrictions on 33 entities and suspended trading in one listed company, which have been found to have made undue gains of over 1,800 crore rupees. While 24 entities have been barred from the entire capital markets, nine have been restrained from trading in the shares of Kamalakshi Finance Corp Ltd. The trading has also been suspended in its shares till further orders. This is the fourth such order by Sebi against misuse of stock market framework for evasion of taxes in recent weeks.Together, the regulator has suspended trading in 27 companies so far in such cases, wherein the manipulators are estimated to have made cumulative undue gains of about 2,500 crore rupees. Those having faced action so far include promoters and top executives of many listed companies.

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