Market Manipulation. Search

SEBI v. Natraj Capital & Credit Pvt Ltd and others (off-market transfers in Delta Leasing, 2023)

Judgment entered

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.

Report an error in this record (sebi-67661-market-abuse-2023) by email

In January 2023 a SEBI whole time member restrained six unregistered intermediaries for three months and fined them Rs 55.5 lakh in total for running off-market share transfers in Delta Leasing & Finance, backed by false transfer reasons and fabricated bills. The 802 off-market transactions were the second leg of a larger circular-transfer pattern at the company.

The record

Structured fields for this action, as recorded in our case library.
Agency SEBI (India)
Date filed 2023-01-31
Date resolved 2023-01-31
Court SEBI Whole Time Member
Status judgment
Asset class equities
Instruments Delta Leasing & Finance shares (off-market spot transfers)
Venue BSE
Criminal parallel No
Bars imposed Six noticees restrained from the securities market for three months
Defendants Natraj Capital & Credit Pvt Ltd (entity) ; Parmanand Yadav (proprietor, Roxtech Securities) (individual) ; Praveen Goyal (proprietor, Shivam Trading Company) (individual) ; Santosh Kumar (proprietor, Balaji Enterprises) (individual) ; Sapna (proprietor, Stallion Trading Co.) (individual) ; Sunil Singh (proprietor, Alfa Finsec) (individual)
Techniques

What was ordered

Civil penalty
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Disgorgement
—
Prejudgment interest
—
Total relief
—
Alleged gain
—
Penalty as published
5.6m 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

This final order of 31 January 2023 was made by SEBI whole time member Ananta Barua. The noticees are Natraj Capital & Credit Pvt Ltd and five individuals trading as sole proprietors: Parmanand Yadav (Roxtech Securities), Praveen Goyal (Shivam Trading Company), Santosh Kumar (Balaji Enterprises), Sapna (Stallion Trading Co.) and Sunil Singh (Alfa Finsec). The matter concerns shares of Delta Leasing & Finance Ltd, listed on BSE.

SEBI's wider investigation found that promoters of the company had passed large holdings off-market to a group of connected entities, which sold them in the market to other members of the group, who passed them back, so that ownership did not change while volume was created. Enforcement against 176 entities for volume manipulation, 78 for price and volume manipulation and 30 for price manipulation was begun on that basis. A separate investigation covered 802 off-market spot transactions in 2013 and 2014, and this order is about those.

The show cause notice of 3 September 2021 alleged that the six noticees acted as unregistered brokers dealing with clients, created falsified papers to make the dealings look genuine, delayed delivering shares well beyond the spot-delivery window after taking payment, ignored summons, and, for four of them, wrote an untrue reason such as a loan on the transfer slips when depositories confirmed no pledge existed. Only one noticee attended the hearing. The whole time member held the charges established, including a breach of PFUTP Regulation 4(1), and found that the dealings were illegal because they were not routed through an exchange member.

The directions restrained all six from the securities market for three months. Penalties were Rs 7,50,000 under section 15HA for three noticees and Rs 5,00,000 for the other three, Rs 1,00,000 each under section 15HB and Rs 2,00,000 each under section 23H of the Securities Contracts (Regulation) Act, which adds up to Rs 55.5 lakh. The order noted earlier PFUTP penalties against some of them.

The record does not show whether anything was appealed. It also does not make a finding of volume manipulation against these six, which was the subject of other proceedings.

No library technique matches this unregistered off-market dealing, so the technique list is empty.

This library tags the matter with no technique and records it as fraud by unregistered intermediaries. 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.

Timeline

  1. 2023-01-31 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.

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Record added October 8, 2026. submit a correction.