Market regulator Securities and Exchange Board of India (SEBI) has imposed a joint and several penalty of Rs10 lakh on Shubham Mittal (noticee 1), Skylarge Realcon Pvt Ltd (noticee 2), Gaurav Narang (noticee 3), Bigsea Trading Company Pvt Ltd (noticee 4), Rekha Narang (noticee 5), Jagtarni Traders Pvt Ltd (noticee 7) and Tilak Raj (noticee 8) for their role in a misleading stock split scheme in Max Heights Infrastructure Ltd (MHIL). The penalty follows SEBI’s investigation into suspicious trading in MHIL shares between 31 October 2022 and 15 March 2023. SEBI’s probe revealed that Mr Mittal, an independent director of MHIL, along with the other noticees, proposed a share split that was initially approved by the board but later rejected by shareholders. Despite the rejection, the

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