sebi:QJA/SS/IVD-2/ID13/32429/2026-27
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Provisions invoked
- s. 11B
- s. 11
- s. 11(4)
- s. 15A
- s. 15
- s. 19
- s. 11(1)
- s. 12A
- s. 27
- s. 12
- s. 15I
- s. 15J
- s. 15H
- s. 11C
- s. 11C(3)
- s. 28A
- s. 166
- s. 12(3)
- s. 11(5)
- s. 149(12)
Regulations
- Reg. 2(c)
- Reg. 3
- Reg. 6
- Reg. 13
- Reg. 4
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 5
- Reg. 4(2)
- Reg. 2
- Reg. 3(a)
- Reg. 2(1)
- Reg. 8(1)(a)
- Reg. 27
- Reg. 263
- Reg. 8(1)(b)
Holding
The contents of the Zee News article and YouTube videos relating to the SME IPO of Veerkrupa Jewellers Limited were misleading and made with design to induce investors, falling within the prohibitions of Section 12A of the SEBI Act and Regulations 3 and 4 of the PFUTP Regulations. Noticee No. 4, despite being an independent director, was liable for involvement in the purported share transfer scheme and for making false statements before the Investigating Authority.
Full text
Order in the matter of M/s Veerkrupa Jewellers Limited Page 2 of 106 I. Background. 1. M/s Veerkrupa Jewellers Limited (“VJL/Noticee No. 1”) was incorporated in 2019 and is engaged in the business of manufacturing and trading of gold and silver jewellery products. The registered office and business of operation of VJL is based in Ahmedabad. To introduce the dramatis personae, eschewing honorifics by naming them, for ease of reference: -
Order in the matter of M/s Veerkrupa Jewellers Limited Page 3 of 106 and/or rules and regulations framed by SEBI thereunder. The Investigating Authority (“IA”) submitted the Investigation Report (“IR”) in accordance with law. During investigation, certain persons involved in publication/ display of publicity material in relation to SME IPO of VJL and their connected entities were observed to have dealt in the shares of Noticee No. 1.
Order in the matter of M/s Veerkrupa Jewellers Limited Page 4 of 106 13 and 14 were also called upon to show cause as to why directions for disgorgement of the wrongful gain, should not be issued against them.
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Source: SecMarx — sebi:QJA/SS/IVD-2/ID13/32429/2026-27. 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.