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Mumbai, May 17 (PTI) Market regulator SEBI today said Jignesh Shah, who now heads Financial Technologies, was found involved in price manipulation in stock market and has imposed a fine of Rs 2.5 lakh on him. "I am of the view that the facts of the present case clearly bring out an element of fraud and unfair trade practises indulged in by the Noticee (Jignesh Shah) trading through DPS Shares & Securities (stock broker)," SEBI said in its order issued late this evening. SEBI said Shah had done synchronised trading in the shares of basmati rice exporter KRBL during June-December, 2003. Shah, who recently got SEBI clearance for setting up a stock exchange, is currently the promoter of the country''s first commodity exchange MCX. During the said period, he traded in the scrip of KRBL in a manner which created artificial volumes and liquidity, apart from price, capable of misleading the investors while taking an investment decision, the order said. .
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