sebi:Order/GR/PU/2022-23/18215-18256
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed: ₹50,000 each on Noticee No. 2-42 under Section 15 HA of the SEBI Act for violation of Regulation 3(a),(b),(c),(d) of PFUTP Regulations; Noticee No. 1 found to have orchestrated the scheme to manipulate the scrip price
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 27
- s. 15J
- s. 11C
- s. 28A
- s. 21
Regulations
- Reg. 7
- Reg. 4
- Reg. 3
- Reg. 6
- Reg. 4(1)
- Reg. 14
- Reg. 3(a)
- Reg. 9(b)
- Reg. 6A
- Reg. 37
Holding
The Adjudicating Officer held that Roongta Rising Stock Pvt. Ltd. (Noticee No. 1) orchestrated a scheme to manipulate the price of MFTL scrip by issuing an advertisement, buying shares from promoter entities, and manipulating the price through 53 entities, and that 14 Noticees created a misleading appearance of trading by placing orders above LTP in small quantities. Penalty of ₹50,000 each was imposed on Noticee Nos. 2-42 under Section 15 HA of the SEBI Act for violation of Regulation 3 of PFUTP Regulations.
Full text
__________________________________________________________________________________ Adjudication order against Roongta Rising Stock Pvt. Ltd. and 41 others in the matter of Mishka Finance and Trading Ltd. Page 2 of 49
__________________________________________________________________________________ Adjudication order against Roongta Rising Stock Pvt. Ltd. and 41 others in the matter of Mishka Finance and Trading Ltd. Page 3 of 49
__________________________________________________________________________________ Adjudication order against Roongta Rising Stock Pvt. Ltd. and 41 others in the matter of Mishka Finance and Trading Ltd. Page 4 of 49
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Source: SecMarx — sebi:Order/GR/PU/2022-23/18215-18256. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.