{"id":251628,"date":"2021-07-23T11:00:17","date_gmt":"2021-07-23T05:30:17","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=251628"},"modified":"2021-08-06T11:28:40","modified_gmt":"2021-08-06T05:58:40","slug":"manipulation-in-prices","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/23\/manipulation-in-prices\/","title":{"rendered":"SEBI | Manipulation in prices, fraudulent scheme results in debarment-Global Infratech, Directors and 12 other entities ousted from the market"},"content":{"rendered":"

Securities Exchange Board of India (SEBI):<\/strong> Madhabi Puri Bach, Whole Time Member, considering the alleged violations committed, issued directions restraining Global Infratech and Finance Ltd (GIFL), its two directors and 12 other individuals from the securities market for their roles in a fraudulent scheme of trading in the firm’s shares and for price manipulation.<\/p>\n

In the instant case, upon analysis, it was observed that the Noticees were part of an alleged manipulative scheme to make preferential allotment and manipulate the benefit connected to the preferential allottees, promoters of the company and promoter related entities. In the show-cause notice, it was further alleged that there was an established nexus and meeting of minds between the noticees to inflate the price of the scrip of\u00a0 GIFL and thus violated the provisions of Regulation 3(a),(b),(c),(d) and Regulation 4(1),4(2) (a), (e) of PFUTP Regulations. Furthermore, the other 33 Noticees were alleged to be connected with GIFL and were a part of the scheme to make preferential allotment, manipulate the price of the scrip and get benefit by selling the shares at an artificially inflated price. And had thus, violated the provisions of Regulation 3(a), (b), (c), (d) and Regulation 4(1) of PFUTP Regulations, 2003. GIFL and directors of GIFL at the time of preferential allotment were alleged to have violated the provisions of Regulation 3 (a), (b), (c) and (d) and Regulation 4(1) of PFUTP Regulations, since a company cannot act by itself, but only through its directors who are expected to exercise their powers on behalf of the company with utmost care, skill and diligence.<\/p>\n

Some of the Noticees had contended that it is a well-settled law that the taint of\u00a0 fraud cannot be attached or charged on preponderance of probability, and compelling evidence should be brought on record for a person\/entity to be held liable for fraud<\/p>\n

The Tribunal while assessing the preliminary objection of the Noticees, that SEBI did not provide crucial details, documents and records for the proceedings, and that the were not inspection of documents<\/p>\n

Further, upon perusal of the SCN, I find that there is no allegation against Noticee No. 13 to 41 that the trades of Noticee No. 13 to 41 had resulted into LTP contribution, price manipulation, volume manipulation, circular trades, reversal trades, synchronized trades, etc. The only allegation in the SCN against Noticee No. 13 to 41 is that they are connected to GFIL and LTP contributors and sold shares at artificially inflated prices and thereby involved in the fraudulent schemes.<\/p>\n

After considering a catena of SAT orders, it was of the opinion that, \u201cthere is no \u2018single\u2019 or \u2018only\u2019 test to determine the charge of price manipulation in cases wherein the primary charge is emanating from miniscule trading by the sellers over a period of time at the highest possible price on each day\u201d. While substantiating the definition of fraud under regulation 2(1)(c), it pointed out various acts and omissions which do not presume the connection of the person committing the same with another, but are still clear violations. It stated, \u201c\u2026 Further, regulations 3 and 4 of the PFUTP Regulations also use phrases such as no person shall use or employ, no person shall indulge, etc. and do not, at all places, stipulate the requirement of a connection between two parties to a transaction in order to establish a violation. Further, the prohibition of fraudulent dealing in securities includes an act of fraudulent buying or selling. It may be noted that the unilateral act of fraudulent buying or selling is also included in the definition of fraud under FUTP Regulations. There can be instances where artificial demand and price rise can be created choosing to buy unilaterally. Therefore, the Regulations make it clear that unilaterally by virtue of fraudulent selling alone, a person can manipulate the price of a security\u201d. And highlighted the fact that steep price rise with meager volume followed by a sudden increase in volume at high price is not a normal market trend.<\/p>\n

Therefore, it was held that the connected preferential allottees had sold the shares at inflated price and received substantial benefit and the directors have acted in a fraudulent manner in furtherance of a larger scheme and their acts are attributed to the Company. Resultantly, the Company and the Directors were restrained for two years and other allottees for a period of six months from accessing the securities market and buying, selling or dealing in securities, either directly or indirectly, in any manner for the period mentioned below against their name from the date of this order. Also, further restrained them from associating themselves with any listed public company and any public company which intends to raise money from the public or any intermediary.[Global Infratech and Finance Limited, In re, 2021 SCC OnLine SEBI 168<\/b><\/a>, decided on 16-07-2021]<\/p>\n","protected":false},"excerpt":{"rendered":"

Securities Exchange Board of India (SEBI): Madhabi Puri Bach, Whole Time Member, considering the alleged violations committed, issued directions restraining Global Infratech <\/p>\n","protected":false},"author":67011,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[31615,29785,46573,2563],"class_list":["post-251628","post","type-post","status-publish","format-standard","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-fraudulent-scheme","tag-law","tag-manipulation-in-prices","tag-SEBI"],"yoast_head":"\nSEBI | Manipulation in prices, fraudulent scheme results in debarment-Global Infratech, Directors and 12 other entities ousted from the market | SCC Times<\/title>\n<meta name=\"description\" content=\"Manipulation in Prices\" \/>\n<meta name=\"robots\" content=\"index, follow, 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| SEBI exonerated preferential allottees, exit providers and LTP contributors from manipulation | SAT terms it \u2018cryptic\u2019","author":"Editor","date":"June 23, 2021","format":false,"excerpt":"Securities Appellate Tribunal (SAT): A Bench of Justice Tarun Agarwala SEBI(Presiding Officer) and M.T. Joshi (Judicial Member) allowed a few appeals and dismissed the others while hearing a group of appeals and termed the order cryptic, in so far as it exonerated the preferential allottees, exit providers and the LTP\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":286237,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/04\/sebi-restrained-promoters-sadhna-enterprises-including-arshad-warsi-wife-entities-from-buying-selling-dealing-in-securities-market-violating-provisions-of-sebi-act-sebi-pfutp-regulations-for-luring-i\/","url_meta":{"origin":251628,"position":1},"title":"SEBI imposes penalty on Arshad Warsi and his wife & 29 other entities; Bars from Securities Market for practicing fraudulent & unfair trade practices","author":"Kriti","date":"March 4, 2023","format":false,"excerpt":"On 2-3-2023, the Securities and Exchange Board of India (\u2018SEBI\u2019) restrained the promoters of Sadhna Enterprises including Arshad Warsi along with other 29 entities from buying, selling or dealing in the securities market for violating the provisions of the SEBI Act, 1992 and SEBI (Prohibition of Fraudulent and Unfair Trade\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/Untitled-design-3.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/Untitled-design-3.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/Untitled-design-3.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/Untitled-design-3.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":357260,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/21\/sat-order-on-sadhna-broadcast-stock-manipulation-case\/","url_meta":{"origin":251628,"position":2},"title":"Read why Securities Appellate Tribunal granted relief to Naman Broadcasting in Sadhna Broadcast stock manipulation case","author":"Ekta","date":"August 21, 2025","format":false,"excerpt":"Naman Broadcasting amongst others was alleged to contravene the provisions of Securities and Exchange Board of India Act, 1992 by using digital platforms to mislead the investors. It was alleged that the price and volume of the scrip was manipulated through a coordinated scheme involving dissemination of misleading information and\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Sadhna Broadcast stock manipulation case","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Sadhna-Broadcast-stock-manipulation-case.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Sadhna-Broadcast-stock-manipulation-case.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Sadhna-Broadcast-stock-manipulation-case.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Sadhna-Broadcast-stock-manipulation-case.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":349247,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/05\/31\/sebi-ban-arshad-warsi-sadhna-broadcast-stock-scam-legal-news\/","url_meta":{"origin":251628,"position":3},"title":"SEBI bans actor Arshad Warsi and others in a textbook case of \u2018pump and dump\u2019 scam orchestrated through false narratives on digital media","author":"Arunima","date":"May 31, 2025","format":false,"excerpt":"SEBI emphasized that the integrity of the securities market is sacrosanct and any attempt to mislead investors, however novel or tech-enabled, would be dealt with strictly under the law.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Securities and Exchange Board of India","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":288426,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/04\/03\/sat-reverses-sebis-order-in-arshad-warsis-pump-and-dump-case\/","url_meta":{"origin":251628,"position":4},"title":"SAT reverses SEBI’s order in Arshad Warsi’s pump and dump case","author":"Editor","date":"April 3, 2023","format":false,"excerpt":"Securities Appellate Tribunal: In the instant appeal filed against the ex parte ad-interim order passed by the Whole Time Members (WTM) of Securities Exchange Board of India (\u2018SEBI\u2019) in Arshad Warsi's case, the two-member bench of Tarun Agarwal, J. (Presiding Officer) and Meera Swarup (Technical Member), of Securities Appellate Tribunal,\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"SAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-969.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-969.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-969.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-969.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":255417,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/11\/calibrated-efforts-cancelling-out-the-chance-of-coincidence-of-matching-trades-in-illiquid-scrip-does-not-go-scot-free\/","url_meta":{"origin":251628,"position":5},"title":"SEBI | Calibrated efforts cancelling out the chance of coincidence of matching trades in illiquid scrip does not go scot free-Restricted from the market for manipulation","author":"Editor","date":"October 11, 2021","format":false,"excerpt":"Securities and Exchange Board of India (SEBI)-Madhabi Puri Buch, Whole Time Member, while exercising powers under Section 19 read with Sections 11(1), 11(4) and 11B (1) and 11B(2) of the Securities and Exchange Board of India Act, 1992 restricted the Noticees involved in manipulation of the scrip. 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