SEBI v. Shiva Kumar Komaravelli and others (price manipulation, Abhishek Infraventures, 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 102-page SEBI adjudication order fined Abhishek Infraventures and 20 others Rs 3.99 crore in total over a scheme in which preferential allottees sold shares into an artificially supported price, helped by fund conduits and trading accounts. The largest penalty, Rs 2.14 crore, fell on Shiva Kumar Komaravelli.

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

39.9m 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 16 September 2022. The order concerns Abhishek Infraventures Limited, a BSE-listed company, and runs to 25 noticees in the original notice. They include the issuer, six preferential allottees, a promoter, entities and individuals alleged to have passed money between accounts, and accounts alleged to have traded to keep up volume and price.

SEBI alleged that the company issued shares on a preferential basis, that the allottees sold their shares at an artificially maintained price, and that other noticees acted as conduits for funds or as mule accounts that created artificial volume. The company said it raised the money for expansion and working capital. One noticee died in May 2021.

The adjudicating officer found that the allottees made unlawful gains from selling the shares and that the company, conduits and trading accounts assisted the scheme. He set penalties by reference to each allottee's profits and role, and he treated one promoter who did not sell as less culpable.

Under section 15HA, penalties were Rs 2.14 crore on Shiva Kumar Komaravelli, Rs 76 lakh on Lata Bejgam, Rs 30 lakh, Rs 19 lakh, Rs 7 lakh and Rs 5 lakh on four other allottees or promoters, Rs 20 lakh on the company, Rs 14 lakh jointly and severally on seven conduit noticees, Rs 8 lakh jointly on four and Rs 6 lakh jointly on three account holders. The total is Rs 3.99 crore.

The record does not show whether anyone appealed, whether penalties were paid, or what the scheme's total proceeds were. No market bars were 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. 2022-09-16 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.