SEBI v. Arif Gulam Mustufa Shaikh and others (Shree Global Tradefin price rise, 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.

Report an error in this record (sebi-59459-matched-orders-2022) by email

On 31 May 2022 a SEBI adjudicating officer fined nine Ahmedabad traders and relatives a combined Rs 16 lakh for pushing up the price of Shree Global Tradefin by placing buy orders above the last traded price against related sellers. Each noticee was penalised individually, between Rs 1 lakh and Rs 3 lakh.

The record

What was ordered

Civil penalty

—

Disgorgement

—

Prejudgment interest

—

Total relief

—

Alleged gain

—

Penalty as published

1.6m 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, Suresh B Menon, decided the matter on 31 May 2022. The nine noticees, based in Ahmedabad, were six mainly buying accounts (Arif Gulam Mustufa Shaikh, Mahesh Somabhai Desai, Miteshgiri Chandangiri Goswami, Dhirenkumar Dharamdas Agarwal HUF, Janakray Vithaldas Soni and Jitendra Hasmukhlal Vyas), two counter-party sellers, Jigisha and Khyati Bundela, and Vipul Bundela, the authorised person for the terminal used by Mr Desai.

SEBI investigated Shree Global Tradefin Ltd from August 2011 to March 2012 after complaints. The price rose from Rs 232.70 to Rs 387.30 in 17 trading days to 23 September 2011 and then fell to Rs 105.90 by the end of March 2012. SEBI alleged that the six buyers repeatedly placed buy orders above the last traded price, that the two sellers repeatedly placed sell orders that matched the buy orders entered from Mr Desai's terminal, and that Mr Bundela, who had a family link to the sellers, was the authorised person for that terminal. The alleged violations were of section 12A and Regulations 3 and 4 of the 2003 fraudulent and unfair trade practices regulations.

The officer found the violations established, stating that penalty follows contravention whatever the intent, and imposed individual penalties under section 15HA: Rs 3 lakh on Mr Shaikh, Rs 2 lakh each on Mr Desai, Mr Goswami, the Agarwal HUF, Mr Soni and Vipul Bundela, and Rs 1 lakh each on Mr Vyas, Jigisha Bundela and Khyati Bundela. These add up to Rs 16 lakh, the total shown in this record.

The record does not show the profit made, how much each noticee traded, whether any penalty was appealed, or how the stock's price movement was caused beyond these matched trades.

This library tags the matter as matched orders with a price-manipulation element. 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 2 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.
• Price manipulation — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2022-05-31 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.