SEBI v. Raman Goyal (Octant Interactive Technologies circular trades, penalty on remand, 2022)

Judgment entered

✓ Checked against the primary document on October 9, 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 March 2022 a SEBI adjudicating officer reset the penalty on Raman Goyal to Rs 2,00,000 after the Securities Appellate Tribunal upheld the finding that he took part in circular or reversal trades in Octant Interactive Technologies shares in 2009 but called the original penalty excessive.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

—

Total relief

—

Alleged gain

—

Penalty as published

200k 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

This adjudication order of 10 March 2022 is a remand decision about the amount of a penalty only. The noticee is Raman Goyal, one of 35 entities named in an earlier adjudication order of 2 August 2019 concerning the scrip of Octant Interactive Technologies Limited, listed on the BSE, for the period from 2 January to 9 September 2009.

That 2019 order found breaches of Regulations 3 and 4 of the PFUTP Regulations. Mr Goyal appealed, and on 14 January 2022 the Securities Appellate Tribunal affirmed the finding of violation with regard to circular or reversal trades but held the penalty excessive, remitting the matter for reconsideration of the amount in light of an earlier decision involving Kishore Gandhi.

A new adjudicating officer was appointed. Mr Goyal filed no reply and his authorised representative told the hearing that no submissions would be made. The officer treated the tribunal's affirmation of the violation as settled and considered only the quantum. Taking the statutory penalty factors and the tribunal's observations into account, the officer imposed a penalty of Rs 2,00,000 under section 15HA of the SEBI Act, payable within 45 days, with recovery proceedings possible if unpaid.

The order does not set out the trading pattern in detail, the original penalty figure, the profit made, or whether any further appeal followed. It records no criminal case.

This library tags the matter as matched orders, because the finding concerns circular or reversal trades between connected parties; the tag follows the tribunal's description in the order. 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.

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

Timeline

1. 2022-03-10 SEBI adjudication order on remand

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

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.