SEBI issued Adjudication Order No. Order/SM/RG/2026-27/32369-32379 against 11 individuals for alleged violations of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (PFUTP Regulations) in connection with 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 noticees are implicated, including Mr. Ranjan Sahay, Mrs. Bhavana Sahay, Mrs. Rita Kumar, Mr. Vibhash Chandra, Mrs. Shahnaz Khatoon, Mr. Satish Ramvilas Upadhyay, Mrs. Seema Satish Upadhyay, Mr. Sanjay R Gupta, Mrs. Sunita Sanjay Gupta, Mrs. Jagdish Narayan Patil, and Mr. Vikramsingh Govindsingh Rajput
• Alleged violations pertain to fraudulent and unfair trade practices 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
• Adjudication proceedings initiated under Section 15HA of the SEBI Act, 1992
• Initial Adjudicating Officer Shri Amar Navlani (appointed July 09, 2024) was subsequently transferred; undersigned AO appointed via communique dated September 12, 2025

Regulatory Changes

No new regulatory changes introduced. This order enforces existing provisions under:

• Section 15-I and Section 15HA of the SEBI Act, 1992
• SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003
• Rule 5 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995

Compliance Requirements

• The 11 noticees were required to respond to the Show Cause Notice regarding alleged violations of PFUTP Regulations
• Entities trading in securities must refrain from fraudulent and unfair trade practices as defined under PFUTP Regulations
• Market participants must ensure trading activities in any scrip comply with SEBI Act provisions and applicable regulations

Important Dates

• July 09, 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 initial AO
• April 2026: Final adjudication order issued (Order/SM/RG/2026-27/32369-32379)

Impact Assessment

This order is directed at 11 specific individuals suspected of engaging in coordinated or manipulative trading in the scrip of Veer Global Infraconstruction Limited. The case underscores SEBI’s continued scrutiny of illiquid or small-cap scrips where price manipulation and fraudulent trade practices are more prevalent. The order serves as a deterrent to market participants engaging in similar activities. Direct market impact is limited to the specific scrip and the implicated entities, but the order reinforces SEBI’s enforcement posture under the PFUTP Regulations.