SEBI v. Wakeeta Commercial Pvt Ltd and others (Gokul Solutions share price, 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 penalised four companies and one individual a combined Rs 30 lakh in September 2022 for trading in Gokul Solutions shares in a way the order finds lifted the price and gave a misleading appearance of activity. A sixth noticee's case was abated because the company had been struck off the register.

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

3m 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 respondents are Wakeeta Commercial, Rishvanjas Trading, Kag India and Sarvlok Vincom, all private companies, and an individual, Kundan Mandal. A sixth noticee, Dhanapati Suppliers, was named in the notice but its proceeding was abated without a decision on the merits after it emerged that the company had been struck off the companies register. The order is dated 29 September 2022.

SEBI investigated trading in Gokul Solutions Ltd, a company whose shares were listed directly on the SME segment of BSE, over the period December 2014 to February 2018. During that time the price rose from about Rs 38 to about Rs 349. SEBI alleged that a group of connected entities were the main contributors to the rise, trading largely among themselves, and that this created a misleading appearance of trading and demand in the stock.

The officer examined the trades of each noticee, including trades that lifted the last traded price and first trades of the day, fund transfers between some of the noticees around the time of the investigation, and the movement of shares between connected entities after a preferential allotment. The order finds that the noticees violated section 12A of the SEBI Act and the fraud-prevention regulations (PFUTP Regulations) and imposes penalties under section 15HA.

The penalties were Rs 10 lakh each on Wakeeta and Rishvanjas and Rs 5 lakh each on Kag India and on Sarvlok Vincom together with Mr Mandal (the last amount payable jointly and severally), Rs 30 lakh in total. The order sets a 45-day payment period and warns of recovery proceedings if unpaid.

The record does not show whether anyone appealed, the profits made, or any losses to other investors; the order does not report trading profits as a basis for the amounts.

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. 2022-09-29 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.