SEBI bans 28 entities for fraudulent trade with fake SMSes
Markets regulator SEBI has barred 28 entities from the capital markets for sending unauthenticated SMSes in bulk with misleading 'buy' recommendations. The regulator's probe found that 28 connected entities had devised a scheme to offload a large number of shares in Kalpa Commercial. They sent over 3.42 crore bulk SMSes to create investor interest to buy those shares. 