sebi:WTM/AB/ISD/ISD-SEC-5/31442/2025-26
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Facts / Headnote
Penalties imposed on multiple noticees; five-year market ban on Noticees 1, 2, 21, 25, 26, 39 and 52; proceedings against Noticees 13, 48 and 64 disposed of without directions; no penalty for certain noticees including Ravindra Dahyabhai Patel, Varun Media Pvt Ltd, and Paresh Dhirajlal Shah
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 19
- s. 15H
- s. 15I
- s. 15J
- s. 11C
- s. 15F
- s. 14
- s. 11(5)
- s. 65B
Regulations
- Reg. 4(2)
- Reg. 27
- Reg. 3(a)
- Reg. 201
Holding
The noticees were found to have executed a pump-and-dump scheme in the scrip of Sadhna Broadcast Limited through coordinated YouTube promotional videos, artificial volume creation, and offloading of promoter shares at inflated prices. Penalties were imposed on the noticees proportionate to their role in the scheme, with a five-year market ban on key participants.
Full text
_________________________________________________________________________________ Final Order in the matter of Sadhna Broadcast Limited Page 2 of 109
_________________________________________________________________________________ Final Order in the matter of Sadhna Broadcast Limited Page 3 of 109
_________________________________________________________________________________ Final Order in the matter of Sadhna Broadcast Limited Page 4 of 109
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Source: SecMarx — sebi:WTM/AB/ISD/ISD-SEC-5/31442/2025-26. 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.