SEBI v. Jinesh Devendra Bhatt (reversal trades, Synergy Bizcon, 2022)

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 whole-time member found that Jinesh Bhatt was one of 24 connected traders who reversed trades among themselves in Synergy Bizcon shares between 2015 and 2016, helping push the price from Rs 49.99 to as high as Rs 418. The February 2022 order restrained him from the securities market for six months, with no monetary penalty.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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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.

What is alleged to have happened

The order of 18 February 2022 was passed by a SEBI whole-time member under Sections 11 and 11B of the SEBI Act, after a show-cause notice of 27 August 2019, in the matter of Synergy Bizcon Limited. The only noticee is Jinesh Devendra Bhatt.

SEBI's investigation covered 26 May 2015 to 14 October 2016, and the order deals with the first stretch to 3 October 2016, in which the price of the scrip moved from Rs 49.99 to a high of Rs 418 and closed at Rs 317.75. SEBI identified 24 entities, including Mr Bhatt, as connected through client details, directorships, bank statements and off-market transfers, and alleged that they entered into reversal trades among themselves with no change in beneficial ownership. These trades were about 13.27 percent of market volume and the group contributed 37.34 percent of the market's positive last-traded-price movement; Mr Bhatt was the selling counterparty in 461 of the group's 8,961 trades, contributing 1.69 percent of that movement.

After taking the noticee's written reply and hearings in 2021 into account, the order held that he had consciously allowed himself to take part in a series of reversal trades and trades that raised the price, and that he had violated Section 12A of the SEBI Act and Regulations 3, 4(1), 4(2)(a), 4(2)(e) and 4(2)(g) of the PFUTP Regulations.

The direction was a six-month restraint from accessing the securities market, with his holdings frozen during the period, existing settlement obligations permitted and open derivative positions allowed to be squared off. The order imposed no monetary penalty or disgorgement.

The record does not show whether Mr Bhatt appealed, what profit he made, or what orders were passed against the other 23 connected entities. It describes no criminal case.

This library tags the matter as matched orders and 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 2 techniques 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.

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

Timeline

1. 2022-02-18 SEBI whole-time member final order

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
• 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.