The Securities and Exchange Board of India (Sebi) has imposed monetary penalties totalling ₹2.64 crore on 20 individuals for their involvement in price and volume manipulation of shares of Quasar India Ltd.
According to Sebi ’s order issued on Friday, 18 individuals were collectively fined ₹2.5 crore, to be paid jointly and severally, while Mrugesh Natwarlal Ruparel and Arpit Piyushbhai Shah were fined ₹7 lakh each.
Sebi’s adjudicating officer Amit Kapoor noted that the 20 individuals were connected to one another and artificially inflated trading volumes in Quasar India’s scrip, leading to an unnatural rise in share price.
“The entities — mainly the 1% shareholders of Quasar — in connivance with other participants, were the key perpetrators behind manipulating the scrip, misleading investors into buying shares of a thinly traded company,” Kapoor stated in the order.
The regulator found that the entities collectively earned illegal gains of ₹1.96 crore during the manipulation period.
Sebi concluded that the 18 noticees violated the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations, confirming their role in the fraudulent trading scheme.
Additionally, Ruparel and Shah were accused of aiding and abetting another individual, Pranav Kamleshkumar Trivedi, in the manipulation process and of failing to comply with Sebi summons during the investigation.
Kapoor further observed that several noticees — including Noticees 2, 3, 5, 7, 11, 12, 13, 15, and 16 — engaged in circular trading, where trades were executed among related entities without actual ownership change, thereby creating a false appearance of market activity.
The order follows Sebi’s investigation into price and volume manipulation in Quasar India Ltd shares between May 1, 2022, and December 31, 2023.
📌 Disclaimer:
This article is based on Sebi’s adjudication order and public filings. Individuals named remain subject to legal recourse as per Indian securities law.
