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Business Standard
30-07-2025
- Business
- Business Standard
Sebi fines nearly ₹4 cr on 11 entities for share price manipulation
Markets regulator Sebi on Wednesday imposed a penalty totalling ₹3.87 crore on 11 individuals for manipulating the share price of Darshan Orna Ltd (DOL) using social media channels. The fines need to be paid within 45 days, the Securities and Exchange Board of India (Sebi) said in its order. In its order, Sebi noted that a multi-layered market manipulation scheme was orchestrated in the scrip of DOL during September 2021 to June 2022, involving these entities across three distinct operational tiers, whereby in tier 1, Noticee 1 (Aakash Doshi) accumulating the company's shares through his own account and those of his father Dilip Doshi, while Kevin Kapadia traded in his wife's account Kruti Kevin Kapadia and provided crucial funding support to other participants. In tier 2, the funding infrastructure was bolstered by Satyen Dalal, who provided ₹46 lakh in tranches to the Doshi family during the share accumulation phase and received back 90 per cent of these funds during the selling phase, demonstrating the scheme's temporary nature. In tier 3, the message circulation network was meticulously coordinated through Dhanpal Gandhi, who served as the crucial link between the other entities and the Telegram platform, working in conjunction with Amesh Jaiswal and Jalaj Agarwal, who posted the recommendations on the Telegram platform TBO. "The trading activities in the scrip coupled with messages on Telegram app created an impression of increased price and volume in the market, which had allegedly influenced the gullible investors to purchase the shares of DOL, and the same was evident from the fact that during the same time, the number of public shareholders witnessed a huge jump from 1,732 to 7,536 i.e. an increase by 335 per cent during the quarter of January 2022 to March 2022," Sebi said in its 81-page order. Besides, the share price escalated from ₹77 to ₹146.7 during the period and a few individuals collectively profited ₹2.51 crore while systematically exiting their positions. By indulging in such trades, these individuals violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms and accordingly, Sebi levied a fine totalling ₹3.87 crore on them. The penalty ranges from ₹10 lakh to 1.2 crore. The order came after Sebi conducted an investigation into the matter of trading activities of certain entities in the scrip of Darshan Orna based on recommendations that were circulated on the Telegram channel to ascertain possible violation of PFUTP norms. The period of investigation was from September 2021 till June 2022.
Economic Times
30-07-2025
- Business
- Economic Times
Sebi fines 11 entities Rs 4 cr for share price manipulation
Markets regulator Sebi on Wednesday imposed a penalty totalling Rs 3.87 crore on 11 individuals for manipulating the share price of Darshan Orna Ltd (DOL) using social media channels. ADVERTISEMENT The fines need to be paid within 45 days, the Securities and Exchange Board of India (Sebi) said in its order. In its order, Sebi noted that a multi-layered market manipulation scheme was orchestrated in the scrip of DOL during September 2021 to June 2022, involving these entities across three distinct operational tiers, whereby in tier 1, Noticee 1 (Aakash Doshi) accumulating the company's shares through his own account and those of his father Dilip Doshi, while Kevin Kapadia traded in his wife's account Kruti Kevin Kapadia and provided crucial funding support to other participants. In tier 2, the funding infrastructure was bolstered by Satyen Dalal, who provided Rs 46 lakh in tranches to the Doshi family during the share accumulation phase and received back 90 per cent of these funds during the selling phase, demonstrating the scheme's temporary nature. In tier 3, the message circulation network was meticulously coordinated through Dhanpal Gandhi, who served as the crucial link between the other entities and the Telegram platform, working in conjunction with Amesh Jaiswal and Jalaj Agarwal, who posted the recommendations on the Telegram platform TBO. "The trading activities in the scrip coupled with messages on Telegram app created an impression of increased price and volume in the market, which had allegedly influenced the gullible investors to purchase the shares of DOL, and the same was evident from the fact that during the same time, the number of public shareholders witnessed a huge jump from 1,732 to 7,536 i.e. an increase by 335 per cent during the quarter of January 2022 to March 2022," Sebi said in its 81-page order. ADVERTISEMENT Besides, the share price escalated from Rs 77 to Rs 146.7 during the period and a few individuals collectively profited Rs 2.51 crore while systematically exiting their positions. By indulging in such trades, these individuals violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms and accordingly, Sebi levied a fine totalling Rs 3.87 crore on them. The penalty ranges from Rs 10 lakh to 1.2 crore. The order came after Sebi conducted an investigation into the matter of trading activities of certain entities in the scrip of Darshan Orna based on recommendations that were circulated on the Telegram channel to ascertain possible violation of PFUTP norms. The period of investigation was from September 2021 till June 2022. (You can now subscribe to our ETMarkets WhatsApp channel)
News18
30-07-2025
- Business
- News18
Sebi fines nearly Rs 4 cr on 11 entities for share price manipulation
New Delhi, Jul 30 (PTI) Markets regulator Sebi on Wednesday imposed a penalty totalling Rs 3.87 crore on 11 individuals for manipulating the share price of Darshan Orna Ltd (DOL) using social media channels. The fines need to be paid within 45 days, the Securities and Exchange Board of India (Sebi) said in its order. In its order, Sebi noted that a multi-layered market manipulation scheme was orchestrated in the scrip of DOL during September 2021 to June 2022, involving these entities across three distinct operational tiers, whereby in tier 1, Noticee 1 (Aakash Doshi) accumulating the company's shares through his own account and those of his father Dilip Doshi, while Kevin Kapadia traded in his wife's account Kruti Kevin Kapadia and provided crucial funding support to other participants. In tier 2, the funding infrastructure was bolstered by Satyen Dalal, who provided Rs 46 lakh in tranches to the Doshi family during the share accumulation phase and received back 90 per cent of these funds during the selling phase, demonstrating the scheme's temporary nature. In tier 3, the message circulation network was meticulously coordinated through Dhanpal Gandhi, who served as the crucial link between the other entities and the Telegram platform, working in conjunction with Amesh Jaiswal and Jalaj Agarwal, who posted the recommendations on the Telegram platform TBO. 'The trading activities in the scrip coupled with messages on Telegram app created an impression of increased price and volume in the market, which had allegedly influenced the gullible investors to purchase the shares of DOL, and the same was evident from the fact that during the same time, the number of public shareholders witnessed a huge jump from 1,732 to 7,536 i.e. an increase by 335 per cent during the quarter of January 2022 to March 2022," Sebi said in its 81-page order. Besides, the share price escalated from Rs 77 to Rs 146.7 during the period and a few individuals collectively profited Rs 2.51 crore while systematically exiting their positions. By indulging in such trades, these individuals violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms and accordingly, Sebi levied a fine totalling Rs 3.87 crore on them. The penalty ranges from Rs 10 lakh to 1.2 crore. The order came after Sebi conducted an investigation into the matter of trading activities of certain entities in the scrip of Darshan Orna based on recommendations that were circulated on the Telegram channel to ascertain possible violation of PFUTP norms. The period of investigation was from September 2021 till June 2022. PTI SP SP SHW (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 30, 2025, 17:30 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Business Standard
28-07-2025
- Business
- Business Standard
Sebi cracks down on Zee Business trades, slaps ₹4 cr fine; bans 4 entities
Sebi on Monday barred four entities from the securities market for two yea₹and imposed a penalty totalling ₹4 crore on them for executing trades based on advance information of stock recommendations given by guest experts on the Zee Business channel. "The said debarment period shall be reckoned from the date of the Interim order dated February 08, 2024," Sebi said in its 55-page final order. Individually, the regulator fined ₹50 lakh on Partha Sarathi Dhar, ₹75 lakh each on Manan Sharecom and Kanhya Trading Company, and ₹2 crore on SAAR Commodities. In its order, Sebi noted that the four entities made a profit by executing trades based on advance information of stock recommendations given by guest experts. The investigation found that stock tips were pre-shared with select entities, giving them an unfair advantage over public investors. These entities placed trades in advance and booked profits once the stock prices moved following the televised tips. Evidence collected during the probe included WhatsApp chats, trading patterns, and profit-sharing arrangements. Sebi found that the "scheme created systematic information asymmetry whereby gullible investors were induced to trade based on guest expert recommendation. The general public remained unaware that the information/recommendations had been pre-shared with other entities. In the process, investors became victims of deliberate information asymmetry, it added. The scheme resulted in unlawful gains of ₹7.41 crore, which have already been disgorged as part of settlement proceedings. By indulging in such trades, the entities violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms. Accordingly, Sebi said, "Noticees namely, Partha Sarathi Dhar, SAAR Commodities Private Ltd, Manan Sharecom Private Ltd and Kanhya Trading Company are debarred from accessing the securities market and are prohibited from buying, selling and otherwise dealing in the securities market, directly or indirectly, in any manner whatsoever, for a period of two years. The said debarment period shall be reckoned from the date of the Interim order." However, proceedings against Himanshu Gupta, one of the guest experts, have been closed with no penalty, as no direct involvement was established.
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Business Standard
07-07-2025
- Business
- Business Standard
Sebi to tighten derivatives surveillance after Jane Street crackdown
Sebi Chairman Tuhin Kanta Pandey says action against Jane Street was a surveillance matter and signals enhanced oversight of high-frequency traders and market behaviour Sundar Sethuraman Mumbai The Securities and Exchange Board of India (Sebi) is set to bolster its surveillance measures for the derivatives market, announced Chairman Tuhin Kanta Pandey at an event on Monday. Pandey emphasised that Sebi's action against Jane Street was a surveillance matter, and that monitoring efforts will continue at both the exchange and regulatory levels. When asked whether Sebi is investigating other high-frequency traders (HFTs) similar to Jane Street, Pandey indicated that he does not believe many other companies are involved, though he did not elaborate further. The Sebi chief stressed that strong enforcement and surveillance are crucial in preventing market manipulation. Referring to the Jane Street investigation, he explained that the action followed extensive analytical work based on a high volume of data. 'Manipulative practices can be executed by various players in different ways. There is no single method to assess these practices,' Pandey noted. Addressing the possibility of Jane Street challenging the order, Pandey reiterated that Sebi possesses all necessary powers to investigate and act against fraudulent practices. He cited the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) regulations, which explicitly prohibit manipulative and fraudulent activity in the market. While acknowledging the right of entities to challenge regulatory actions, he said Sebi had already laid out its interim measures and the order speaks for itself. In an interim order dated 3 July, Sebi ordered the impounding of Rs 4,844 crore in 'unlawful gains' made by Jane Street, a US-based proprietary trading firm. This marks the highest-ever impounding by the regulator. The current order is based on just 18 days of Bank Nifty index manipulation and three days of Nifty index manipulation on expiry days. Sources indicate that the market regulator is investigating other expiry days across exchanges to identify potential patterns. The 105-page Sebi order also notes that Jane Street allegedly established entities in India to bypass Foreign Portfolio Investor (FPI) regulations. Pandey's remarks were made on the sidelines of an event launching a new feature in the investor apps of Central Depository Services (CDSL) and National Securities Depository (NSDL). The feature allows retail shareholders to access proxy advisor recommendations while voting on company resolutions via the e-voting system.
