Sebi noted that the entities were among the several entities which were indulged in execution of non genuine trades in the stock options segment on the BSE.
"The synchronized trading by the Noticee with same counter party at same time for same quantity at same price and reversal of transaction with wide variation in price of the reversed trades in the same contract in a short time without any basis, all indicate that the trades executed by the Noticee were not genuine trades," Sebi said in similarly worded separate orders.
By doing so, the entities violated provisions of Prohibition of Fraudulent and Unfair Trading Practices (PFUTP) norms.
"It cannot be ignored that synchronization of trades in pre-determined manner had an adverse impact on the fairness, integrity and transparency in the securities market," Sebi said while levying the fine.
The regulator imposed a fine of Rs 14.20 lakh on Akashganga Agencies and Rs 5 lakh on Ajeit PS Rajbans HUF.