sebi:Order/SM/BK/2026-27/32345-32349

SEBI · SEBI · 2025-04-17 · Sudeep Mishra, Adjudicating Officer

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Penalties imposed on all five Noticees for violations of SEBI LODR Regulations, 2015 and SEBI (PFUTP) Regulations, 2003

Provisions invoked

s. 11B
s. 11
s. 15
s. 19
s. 15H
s. 27
s. 12
s. 15J
s. 15F
s. 28A
s. 133
s. 2(54)
s. 31
s. 27(2)
s. 129
s. 134(2)

Regulations relied on

SEBI (LODR) Regulations, 2015
SEBI (PFUTP) Regulations, 2003

Parties

Lypsa Gems & Jewellery Limited (Noticee 1)
Manish Jaysukhlal Janani (Noticee 2)
Dipankumar Babulal Patwa (Noticee 3)
Jeeyan Dipankumar Patwa (Noticee 4)
Sonal Dipen Patwa (Noticee 5)

Holding

The Adjudicating Officer found Lypsa Gems & Jewellery Limited and its directors/CFO liable for violations of SEBI (PFUTP) Regulations, 2003 and SEBI (LODR) Regulations, 2015 for misrepresenting financial statements, and imposed penalties under Sections 15HA and 15HB of the SEBI Act, 1992.

Full text

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__________________________________________________________________________________ Adjudication Proceedings in the matter of Lypsa Gems & Jewellery Limited Page 3 of 72

__________________________________________________________________________________ Adjudication Proceedings in the matter of Lypsa Gems & Jewellery Limited Page 4 of 72

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Source: SecMarx — sebi:Order/SM/BK/2026-27/32345-32349. 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.