SEBI v. Antala Real Broking & Impex Private Ltd. and others (synchronised and reversal trades, Kavveri Telecom, 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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On remand from the Securities Appellate Tribunal, a SEBI adjudicating officer in March 2022 again penalised nine connected traders for synchronised and reversal trades in Kavveri Telecom Products shares in 2010. The total was Rs 12,00,000, payable jointly and severally in part.

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

1.2m 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, K Saravanan, decided the matter on 23 March 2022. The noticees are nine connected entities and individuals, led by the trading firm Antala Real Broking & Impex Private Ltd. and Vishu Enterprises, together with members of the Nanwal and Sanghvi families, Govind Kumar Varma and Babubhai Desai. The shares are those of Kavveri Telecom Products Limited, listed on NSE and BSE. Earlier penalty orders of June 2018 had been set aside by the Securities Appellate Tribunal in February 2020 so that the traders could first be given the trade logs, order logs and investigation report.

SEBI investigated June to December 2010, when the BSE price ranged between about Rs 96 and Rs 167. It alleged that the group created artificial volume through synchronised and reversal trades among themselves and that the two lead noticees also pushed the price up through contributions to the last traded price, new highs and the first trade of the day.

After supplying the material and hearing the noticees, the officer held that the trading breached regulations 3 and 4 of the PFUTP Regulations. The findings were synchronised and reversal trades for all nine, with the added price-rise conduct for Antala and Vishu, and the order also refers to alleged manipulation by most of them in four other scrips.

The officer imposed Rs 10,00,000 under section 15HA of the SEBI Act, payable jointly and severally by all nine, and a further Rs 2,00,000 on Antala and Vishu jointly and severally, Rs 12,00,000 in total. The officer declined to rely on the investigation's profit figures after one noticee showed they included square-off trades not shown to be tainted, and found investors' losses could not be quantified.

The record does not show whether the new order was appealed or paid, or what profits the group actually made.

This library tags the matter as matched orders, wash trading 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 3 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.
• Wash trading — 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. 2022-03-23 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.