SEBI v. ARG Management Solutions Pvt Ltd (alleged price manipulation in Radha Madhav Corporation, 2022)

Dismissed

✓ Checked against the primary document on October 9, 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 November 2022 a SEBI adjudicating officer closed proceedings against ARG Management Solutions, accused of lifting the price of Radha Madhav Corporation with tiny repeated buy orders, because the company had been struck off the corporate register in 2018. The merits were not decided and no penalty was imposed.

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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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.

What is alleged to have happened

This adjudication order of 30 November 2022 was made by SEBI adjudicating officer N. Hariharan. The sole noticee is ARG Management Solutions Private Limited, a Delhi company.

SEBI investigated trading in Radha Madhav Corporation Limited, listed on BSE and NSE, from September 2016 to February 2017, in two phases of rising price. It alleged that in the second phase, from 22 November 2016 to 22 February 2017, ARG manipulated the price by repeatedly buying one to ten shares at a price above the last traded price on both exchanges, creating a false appearance of trading. It charged breaches of section 12A of the SEBI Act and PFUTP Regulations 3 and 4, with penalty proceedings under section 15HA.

ARG denied the allegations through a representative and attended a hearing in July 2022. During the proceedings it emerged that the Registrar of Companies had struck off and dissolved ARG on 8 August 2018, before any liability in the matter had accrued.

The adjudicating officer held it would not be appropriate to fix liability on a company that no longer exists, and disposed of the proceedings without going into the merits, adding that a fresh decision could be taken if the company were ever revived. No penalty or restraint was imposed.

The record does not show any finding on whether the trades were manipulative, any quantity of price effect, or whether other noticees in the same investigation were dealt with.

This library tags the matter as price manipulation, on the allegation alone. It was closed without a finding. 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. 2022-11-30 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
• SEBI order (PDF)

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.