sebi:WTM/SM/ISD/ISD-SEC-4/23158/2022-23
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Facts / Headnote
Prima facie finding of fraudulent manipulation in Superior Finlease Limited; Noticees required jointly and severally to surrender unlawful gains for impounding and called upon to show cause why disgorgement, restraint from securities market and penalty should not be imposed; Order effective immediately until further orders.
Provisions invoked
- s. 11B
- s. 19
- s. 12A
- s. 12
- s. 15H
Regulations
- Reg. 3
- Reg. 4
- Reg. 200
Holding
Noticees 1-19 prima facie executed a coordinated price-volume manipulation and Telegram-based inducement scheme in Superior Finlease Limited to earn unlawful gains, warranting interim impounding on joint and several basis and issuance of show cause for disgorgement, market bar and penalty.
Full text
Interim Order in the matter of Superior Finlease Limited Page 2 of 93 15. Sanjay Kumar Pathak AMIPP8453C 16. Jitney Investments Pvt. Ltd. AADCJ0092M
Interim Order in the matter of Superior Finlease Limited Page 3 of 93 volumes as well as artificial price rise of the scrip of a listed company thereby facilitating dumping of the said scrip by such unscrupulous shareholders at profitable rates for earning unlawful gains. The facts unearthed in the course of investigation further revealed the extensive use of mobile based messenger application Telegram by the suspected entities for influencing the trade volume, prices as well as for creating inducement in the minds of the people who follow such social media channels encouraging them to subscribe to the scrip that was aggressively promoted to them through such medium.
Interim Order in the matter of Superior Finlease Limited Page 4 of 93 scheme and artifice of manipulation and unfair trade practice followed by the above named set of entities.
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Source: SecMarx — sebi:WTM/SM/ISD/ISD-SEC-4/23158/2022-23. 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.