SEBI v. Amitkumar Rameshchandra Rana (Shree Global Tradefin self-trades, 2022)
Dismissed
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.
A SEBI adjudicating officer closed proceedings in April 2022 against an Anand-based trader accused of 135 self-trades in Shree Global Tradefin shares. The officer found the trades too small and unconnected to any scheme to show manipulative intent, and imposed no penalty.
The record
| Agency | SEBI (India) |
|---|---|
| Date filed | 2022-04-29 |
| Date resolved | 2022-04-29 |
| Court | SEBI adjudicating officer |
| Status | dismissed |
| Asset class | equities |
| Instruments | Shree Global Tradefin Limited shares |
| Venue | BSE |
| Criminal parallel | No |
| Defendants | Amitkumar Rameshchandra Rana |
| Techniques | Wash trading |
What was ordered
- Civil penalty
- —
- Disgorgement
- —
- Prejudgment interest
- —
- Total relief
- —
- Alleged gain
- —
What is alleged to have happened
A SEBI adjudicating officer, Suresh B Menon, decided the matter on 29 April 2022. The noticee was Amitkumar Rameshchandra Rana of Anand, Gujarat, and the stock was Shree Global Tradefin Ltd, listed on BSE. SEBI had investigated the scrip after two complaints about a steep price fall, covering 29 August 2011 to 30 March 2012.
SEBI alleged that Mr Rana had placed 135 self-trades, in which he was effectively both buyer and seller, on 30 days, involving 19,831 shares, and had thereby created artificial volume of about 0.17 per cent of market volume. The charge was breach of Regulations 3 and 4 of the 2003 fraudulent and unfair trade practices regulations, with a penalty sought under section 15HA of the SEBI Act.
The officer examined the effect of the trades on price and found it negligible: the self-trades accounted for roughly 3.5 per cent of the negative last-traded-price movement on BSE, a net effect of about 17 paise. The investigation report itself drew no adverse conclusion about price manipulation by him and found no connection tying the group of entities examined to a coordinated scheme. Citing a Securities Appellate Tribunal decision that a few self-trades are not objectionable by themselves, the officer held that self-trades alone are not unlawful without evidence of intent or harm to others.
The allegation was held unsustainable, no penalty was imposed, and the proceedings under the show-cause notice of 12 February 2021 were disposed of.
The record does not show whether SEBI appealed, or whether other entities in the same investigation were sanctioned in separate orders. This outcome is a disposal of an allegation, not a finding that wash trading occurred.
This library tags the matter as wash trading. 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.
- Wash trading — see how it works, what statute it engages, and every other action tagged the same way.
Timeline
- 2022-04-29 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.
Related actions
Other actions in the library sharing at least one technique tag with this one.