SEBI v. Ranjan Sahay and others (price manipulation, Veer Global Infraconstruction, 2026)

Judgment entered

✓ Checked against the primary document on October 8, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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A SEBI adjudicating officer found in April 2026 that eleven connected individuals traded as a group in the shares of Veer Global Infraconstruction, an SME-board stock, in ways that pushed up its price and volume between 2021 and 2022. Penalties total Rs 30 lakh, imposed jointly and severally in two groups.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

—

Alleged gain

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Penalty as published

3m INR

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in INR. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

The order of 22 April 2026 is an adjudication order by a SEBI adjudicating officer in Mumbai. The eleven noticees are Ranjan Sahay, Bhavana Sahay, Rita Kumar, Vibhash Chandra, Shahnaz Khatoon, Satish Ramvilas Upadhyay, Seema Satish Upadhyay, Sanjay R Gupta, Sunita Sanjay Gupta, Jagdish Narayan Patil and Vikramsingh Govindsingh Rajput. The scrip is Veer Global Infraconstruction Limited, a Mumbai construction and real-estate company listed on the BSE SME platform since August 2020.

The matter began with a BSE examination of trading from March 2021 to September 2022. SEBI's show-cause notice of 13 August 2024 alleged that the eleven were connected through shared addresses, a common mobile number, fund transfers, call records and off-market share transfers, and that they traded together in the scrip. It alleged violations of section 12A of the SEBI Act and the PFUTP Regulations.

The order accepts that the noticees must be treated as a connected group. It rejects arguments that each should be judged only on his or her own trades, and refers to trades that raised the last traded price, including first trades of the day, with one noticee alone contributing Rs 6.65 to the net rise in one patch against a market total of Rs 52.30. It holds that the group manipulated price and volume and created a misleading appearance of trading, and records total profits of Rs 10,15,506 across the group.

The penalties are Rs 20 lakh, payable jointly and severally by Mr Sahay, Mrs Sahay, Mrs Kumar, Mr Chandra and Mrs Khatoon, and Rs 10 lakh, payable jointly and severally by the other six, Rs 30 lakh in total, under section 15HA. No market restraint or disgorgement is ordered in this order. The adjudicating officer notes that the record does not show loss to any investor or earlier violations.

The record does not show an appeal or payment. It describes no criminal case, and the order does not name any promoter or company officer as a participant.

This library tags the matter as price manipulation. The tagging is ours, not the regulator's.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the order.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Price manipulation — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2026-04-22 SEBI adjudication order imposing penalties

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEBI order
• SEBI order (PDF)

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added October 8, 2026. submit a correction.