SEBI v. Roongta Rising Stock Pvt Ltd and others (price manipulation, Mishka Finance and Trading, 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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A SEBI adjudicating officer fined 42 noticees Rs 40.5 lakh in total over a scheme to push up the price of Mishka Finance and Trading shares, run through the broker Roongta Rising Stock and a network of 53 connected accounts. The broker and its two directors share a Rs 20 lakh penalty and each of the other 41 pays Rs 50,000.

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

4.1m 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

The adjudicating officer of the Securities and Exchange Board of India decided the matter on 29 July 2022. The lead noticee was Roongta Rising Stock Pvt Ltd, a stockbroker, with its directors Anil Satyanarayan Roongta and Sudha Anil Roongta and 39 other individuals and family entities. SEBI had investigated trading in Mishka Finance and Trading Ltd between February 2013 and December 2014. A further 12 persons in the original group of 54 had already settled with SEBI in September 2020 and are not part of this order.

SEBI alleged that the broker devised a scheme in which an advertisement was issued, shares were bought from promoter entities, and the price was pushed up through trading by a network of connected accounts. It further alleged that the broker dealt in a suspended scrip and issued false contract notes, and that some noticees profited by selling at the inflated price.

The order finds that the broker and its two directors breached the PFUTP Regulations as well as exchange regulations and bye-laws and the broker code of conduct. It finds that the other 41 noticees took part in manipulating the price in breach of Regulations 3 and 4. For 15 noticees who did not respond, the officer proceeded ex parte and treated the allegations as unanswered.

The sanctions are Rs 20 lakh payable jointly and severally by the broker and its two directors, and Rs 50,000 on each of the other 41 noticees under section 15HA, Rs 40.5 lakh in total, payable within 45 days.

The record does not show whether anyone appealed, how much the manipulation yielded, or what investors lost. No market bar was imposed and the order describes no criminal case.

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. 2022-07-29 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.

• 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.