SEBI v. Shankheshwar Metals Pvt Ltd and others (price manipulation, Sun & Shine Worldwide, 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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In June 2022 a SEBI adjudicating officer fined two companies Rs 5,00,000 each for trading between themselves to lift the price of Sun & Shine Worldwide shares in 2012 and 2013, and found the charges against the other 17 noticees not established. The case followed a Securities Appellate Tribunal remand.

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

1m 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

An adjudicating officer of SEBI issued this order on 30 June 2022 against 19 noticees in the matter of dealing in the shares of Sun & Shine Worldwide Limited, listed on BSE. SEBI investigated October 2012 to September 2014, during which the price rose from Rs 21.90 to a high of Rs 109.70 in February 2014 and fell back to Rs 17.50. The show cause notice is dated 5 August 2019.

SEBI alleged that 180 suspected connected entities took part in manipulating the price across phases, with the connected group supplying about 28 percent of the market's positive price movement in the first phase, and that the noticees breached section 12A of the SEBI Act and Regulations 3 and 4 of the 2003 fraud and unfair trade practices regulations.

The order finds the case proved only against the first two noticees, Shankheshwar Metals Pvt Ltd and Parvati Minerals Pvt Ltd, which received funds from the same source, traded with each other in the first phase and added to positive price movement. For the other 17 noticees the officer held that the allegations of causing a manipulative price rise did not stand established, because no reasoning showed how their individual trades were synchronised, circular or reversal trades.

Each of the two companies was penalised Rs 5,00,000 under section 15HA, a total of Rs 10,00,000, payable within 45 days. The officer said gain and investor loss were not quantified.

The record does not show whether either company paid or appealed, or the position of the 180 suspected entities not named in this order. The order does not mention a criminal case.

This library tags the matter as price manipulation and matched orders. 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.

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

Timeline

1. 2022-06-30 SEBI adjudication 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.