SEBI v. Sorabh Mahesh Gupta (Radha Madhav Corporation, 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 found in December 2022 that an experienced trader lifted the price of Radha Madhav Corporation on BSE and NSE between November 2016 and February 2017 by placing thousands of one-to-ten-share buy orders when ample sell orders were available. He was fined Rs 10 lakh.

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

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

Adjudicating officer N. Hariharan of SEBI issued this order on 30 December 2022 against one noticee, Sorabh Mahesh Gupta, in the matter of Radha Madhav Corporation Limited, listed on BSE and NSE. It covers the second phase of SEBI's investigation of 1 September 2016 to 28 February 2017, running from 22 November 2016 to 22 February 2017. A separate order of the same day concerns another trader in the first phase.

SEBI alleged that Mr Gupta manipulated the price on both exchanges by repeatedly buying one to ten shares at prices above the last traded price. It charged violations of section 12A of the SEBI Act and regulations 3 and 4 of the PFUTP Regulations 2003.

The officer found that he bought 13,954 shares over 51 days on BSE and 20,169 shares over 57 days on NSE through tiny orders, even though enough sell orders were available to meet his entire demand in a few trades. For example, on his first three trading days he bought 309 shares against 39,926 available on BSE. The order records 2,132 such trades on BSE and 2,855 on NSE, which lifted the last traded price by about Rs 151.59 on BSE and Rs 200.45 on NSE, and concludes that the pattern was manipulative and meant to push the price up. His defences, that he had no connection with the company or its promoters and that he traded in good faith, were rejected, with weight given to his own statement that he had traded for 28 years.

The officer imposed a penalty of Rs 10,00,000 under section 15HA, noting that no gain or investor loss was quantified and no past violation shown. The absence of any proven connection with counterparties was treated as mitigating.

The record does not show whether the penalty was paid or appealed. No criminal case is described.

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. 2022-12-30 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

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.