SEBI v. Sanjay Jalan and others (Le Waterina Resorts and Hotels price rigging, 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 20 May 2022 a SEBI adjudicating officer fined Sanjay, Anila and Rinku Jalan Rs 20 lakh, jointly and severally, for feeding large quantities of Le Waterina Resorts and Hotels shares off-market to entities that then traded them to inflate volume and price. They had already been barred from the market for six months in a separate order.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

—

Alleged gain

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Penalty as published

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, Soma Majumder, decided the matter on 20 May 2022. The noticees were Sanjay Jalan, Anila Jalan and Rinku Jalan. SEBI had investigated Le Waterina Resorts and Hotels Ltd, a BSE-listed company, after a complaint alleging price and volume manipulation, covering October 2010 to March 2012. It named the three noticees together with 13 other entities as having breached section 12A of the SEBI Act and Regulations 3 and 4 of the 2003 fraudulent and unfair trade practices regulations.

The order finds that the noticees colluded with the suspected entities by supplying them with very large quantities of shares through off-market transfers, both before and after a stock split, without apparent concern that the buyers had not paid for them. Those entities then traded the shares in the market in a way that created artificial volume and pushed up the price. The officer held that the noticees played an active part in the manipulation.

The penalty was Rs 20,00,000 (Rs 20 lakh) under section 15HA of the SEBI Act, payable jointly and severally by the three noticees within 45 days. The officer noted that disproportionate gain and investor loss could not be quantified and that no earlier default was on record. The order also notes that on 24 May 2021 a whole-time member of SEBI had barred the three noticees from the securities market for six months in parallel proceedings.

The record does not show the value of the shares transferred, the profit made by anyone, whether the penalty was appealed, or how the 13 other entities were treated in separate orders.

This library tags the matter as 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 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.

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

Timeline

1. 2022-05-20 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

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.