SEBI v. Shushma Kapur and others (matched orders, Coral Hub Limited, 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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In February 2022 a SEBI adjudicating officer penalised three related traders and their broker a combined Rs 6,00,000 for reversal trades in Coral Hub Limited shares between December 2008 and March 2009. The order found the trades inflated volume and moved the price, and that the broker was part of the arrangement.

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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Penalty as published

600k 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

A SEBI adjudicating officer, Maninder Cheema, decided the matter on 28 February 2022. The noticees are Shushma Kapur, two companies linked to her family (APM Financial Consultants Private Limited and Panther Finvest Private Limited), and the stock broker Pee Dee Kapur Stock and Securities Limited, which executed their trades.

SEBI alleged that between December 2008 and March 2009 the first three noticees acted as a group in the shares of Coral Hub Limited. According to the show cause notice they entered 745 reversal trades in the period before a stock split, with orders placed in a synchronised way, and used very small buy orders to nudge the last traded price upward. The investigation found no adverse pattern in the period after the split.

The order holds that the group's reversal trades created artificial volume and that their trading contributed to the price of the scrip, in breach of section 12A of the SEBI Act and the PFUTP Regulations. It found the broker shared directors with the two companies, one of whom was Ms Kapur, so it was aware of the trades and facilitated the synchronised order entry. The broker was also held to have breached the broker code of conduct.

The adjudicating officer imposed Rs 4,00,000 jointly and severally on all four noticees under section 15HA of the SEBI Act, and a further Rs 2,00,000 on the broker under section 15HB, a total of Rs 6,00,000. The order records profits of Rs 2,14,770 from the impugned trades.

The record does not show whether the noticees appealed, whether the penalty was paid, or what losses other investors suffered.

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. 2022-02-28 SEBI 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.