The Securities and Exchange Board of India (Sebi), on Friday, passed an interim ex-parte order against six entities for violations in the dealing of shares of Jaybharat Textile & Real Estate Ltd and KSL & Industries directing them not to trade directly or indirectly, in any manner, till further directions in this regard are given.

The six entities implicated in the order, which was issued by Sebi whole time member G Anantharaman, are EDC Securities Ltd, Jayshree Petrochemicals Pvt Ltd, Nitish Nayak, Avery Procon Pvt Ltd, Axon Realpro Private Ltd and MDGNA Developers Pvt Ltd.

The Integrated Market Surveillance System (IMSS) of Sebi generated alerts relating to dealings in the shares of KSL & Industries Ltd (KSLIL) and Jaybharat Textile & Real Estate Ltd (JTREL). The above entities have been found to be dealing in the shares of both these companies with a strategic shift viz. first dealing in KSLIL followed by similar concerted activity in the shares of JTREL and contributing significant rise in the price and volume.

In case of KSLIL these entities have subsequently sold substantial number of shares. The trading by these entities prima facie appears to be carried out with an intention to artificially inflate the price and volume in the scrips thereby inducing lay investors to deal in the shares of these companies.