SEBI v. Bhanuprasad Dipakkumar Trivedi (IPO share cornering, IDFC and Sasken, 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 May 2022 a SEBI adjudicating officer fined Bhanuprasad Dipakkumar Trivedi Rs 50,00,000 for acting as a front in the 2005 scheme to corner retail-reserved shares in the IDFC and Sasken IPOs. The order sits on a remand from the Supreme Court after an earlier Rs 4 crore penalty, cut to Rs 2 crore by the appeals tribunal, was sent back.

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

5m 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

The order of 23 May 2022 concerns Mr Trivedi, who acted as Karta of the Hindu undivided family Bhanuprasad HUF, in SEBI's long-running investigation of IPO irregularities in 2005. The alleged scheme involved opening many demat accounts to receive IPO allotments, moving the shares to the Panchal group and then to financiers such as Jayesh HUF, who sold them on at higher prices to the detriment of genuine investors.

SEBI alleged that Bhanuprasad HUF bought 11,00,000 IDFC shares from Roopal Panchal in a single off-market deal at the issue price of Rs 34 when the market price was about Rs 69.50, then sold them on the next trading day, and that it handled Sasken shares in a similar way. SEBI charged violations of section 12A of the SEBI Act and Regulations 3(a) to (d) and 4(1) of the PFUTP Regulations.

The history is long. A 2010 adjudication order imposed Rs 4 crore, the Securities Appellate Tribunal cut it to Rs 2 crore, and in 2013 the Supreme Court remanded the case to SEBI with all issues open. After further investigation the adjudicating officer held that Mr Trivedi was a front or conduit who helped the financiers corner shares meant for retail investors, which breached the cited provisions, while noting that his commission was not quantified and that he had already been debarred for one year in 2009.

The operative direction imposes a penalty of Rs 50,00,000 under section 15HA of the SEBI Act, payable within 45 days. No new market restriction is imposed in this order.

The record does not show whether the penalty was paid or appealed again, how much Mr Trivedi earned, or what happened to the earlier amounts he was directed to deposit. Seventeen years had passed since the 2005 trades, which the officer took into account.

This library tags the matter as cornering, in the sense of gathering IPO allotments meant for retail investors; the tag is a loose fit because the order does not describe a squeeze on later prices. 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.

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

Timeline

1. 2022-05-23 SEBI adjudication order (23 May 2022)

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.