Description
SEBI adjudication order against 11 entities for alleged violations of PFUTP Regulations in connection with trading activities in the scrip of Veer Global Infraconstruction Limited. Order covers penalties under Section 15HA of the SEBI Act, 1992.
Summary
SEBI has issued Adjudication Order No. Order/SM/RG/2026-27/32369-32379 against 11 individuals (Noticees) for alleged violations of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (PFUTP Regulations), in connection with their trading activities in the scrip of Veer Global Infraconstruction Limited. The proceedings were initiated under Section 15-I of the SEBI Act, 1992 read with Rule 5 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995.
Key Points
- 11 individuals named as Noticees, collectively described as “Suspected entities” / “Suspected group entities”
- Alleged violations pertain to SEBI PFUTP Regulations, 2003, specifically relating to manipulative/fraudulent trading in the scrip of Veer Global Infraconstruction Limited
- Show Cause Notice No. SEBI/EAD-5/AN/RG/25375/1-11/2024 was issued on August 13, 2024
- Adjudicating Officer was initially Shri Amar Navlani (appointed July 9, 2024); upon transfer, a new AO was appointed on September 12, 2025
- Penalties are sought under Section 15HA of the SEBI Act, 1992
- A corrigendum to this order has also been published
Noticees
| No. | Name | PAN |
|---|---|---|
| 1 | Mr. Ranjan Sahay | BDIPS0255D |
| 2 | Mrs. Bhavana Sahay | AKCPB3188N |
| 3 | Mrs. Rita Kumar | DZSPK0907E |
| 4 | Mr. Vibhash Chandra | ANYPC4658D |
| 5 | Mrs. Shahnaz Khatoon | DRDPK1199H |
| 6 | Mr. Satish Ramvilas Upadhyay | AATPU8315M |
| 7 | Mrs. Seema Satish Upadhyay | ACJPU3468R |
| 8 | Mr. Sanjay R Gupta | AINPG4779K |
| 9 | Mrs. Sunita Sanjay Gupta | AXQPG2685N |
| 10 | Mrs. Jagdish Narayan Patil | APTPP8295E |
| 11 | Mr. Vikramsingh Govindsingh Rajput | AHPPR2164N |
Regulatory Changes
No new regulatory changes introduced. This is an enforcement action applying existing provisions of the SEBI Act, 1992 and PFUTP Regulations, 2003.
Compliance Requirements
- Noticees are required to respond to the Show Cause Notice and comply with the adjudication proceedings
- Market participants are reminded that manipulative or fraudulent trading activities in any scrip are prohibited under PFUTP Regulations and attract penalties under Section 15HA of the SEBI Act
- Entities involved in coordinated or suspicious trading patterns risk adjudication and financial penalties
Important Dates
- July 9, 2024: Initial appointment of Adjudicating Officer (Shri Amar Navlani)
- August 13, 2024: Show Cause Notice issued to all 11 Noticees
- September 12, 2025: New Adjudicating Officer appointed following transfer of erstwhile AO
- April 2026: Final adjudication order issued (Order/SM/RG/2026-27/32369-32379)
Impact Assessment
This order targets alleged coordinated or manipulative trading in the scrip of Veer Global Infraconstruction Limited, a relatively small company. The enforcement action involving 11 individuals signals SEBI’s continued scrutiny of suspected group-based market manipulation in small-cap and mid-cap stocks. Broader market impact is limited, but the order reinforces SEBI’s active surveillance of trading patterns and its willingness to pursue enforcement actions involving multiple related entities simultaneously.
Impact Justification
High importance due to SEBI enforcement action against 11 entities for alleged fraudulent and unfair trade practices; medium market impact as it is limited to one small-cap scrip.