SEBI v. Chiranjilal Jayaram Vyas and others (Sunteck Realty, remand penalty, 2023)

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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On 14 September 2023 a SEBI adjudicating officer re-set the penalties on five traders in Sunteck Realty shares to a total of Rs 1,30,30,339 after the Securities Appellate Tribunal ordered gains to be recalculated on tainted shares only. The tribunal had already upheld the finding of circular trading.

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

13m 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

A SEBI adjudicating officer issued this order on 14 September 2023 in the matter of Sunteck Realty Limited, formerly Insul Electronics. The noticees are Chiranjilal Jayaram Vyas, Namdeo H. More, Kishore Bhikaji Giri, Deendayal M. Bohara and Kishorilal Amrutlal Bissa.

SEBI had found that entities dealing in the shares used circular trades on the exchange and transfers through the depository system to create artificial volume, in breach of Regulations 3 and 4 of the PFUTP Regulations. An adjudication order of December 2019 penalised seven entities; the Securities Appellate Tribunal in September 2021 affirmed the fraud findings but sent back the question of how to calculate gains. A March 2022 order revised the gains, and in March 2023 the tribunal again remitted the matter, asking that gains be recalculated on the number of tainted shares only.

Tainted shares were those the noticees moved off-market to other entities, which then sold them on-market to the noticees. The officer applied the average-cost method to the tainted shares and found gains of Rs 1,08,64,711 for Mr Vyas, Rs 10,47,977 for Mr Bohara and Rs 1,17,651 for Mr Bissa. For Mr More and Mr Giri the same calculation produced losses.

The officer imposed penalties under section 15HA of the SEBI Act equal to the gains for the three, being Rs 1,08,64,711, Rs 10,47,977 and Rs 1,17,651, and Rs 5,00,000 each on Mr More and Mr Giri because they took an active part in the group despite their losses. The total is Rs 1,30,30,339.

The record does not show whether the penalties were appealed again, whether disgorgement was ordered, or any criminal case. The order does not describe the earlier two penalised entities, Jitendra Joshi and Shripal Shares and Securities Limited, beyond listing their earlier penalties.

This library tags the matter as wash trading and 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 2 techniques 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.

• Wash trading — see how it works, what statute it engages, and every other action tagged the same way.
• Price manipulation — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2023-09-14 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.

Same matter

The library links these 2 records because they appear to concern one matter: the same lead defendant, an overlapping technique tag and close filing dates, or a shared court docket or a release that cites the other. Records are listed by date filed.

This grouping is the library's, made by matching names, techniques, dates and citations when the site is built. It is not the regulator's or a court's determination that the records are one case, and it errs towards missing a link rather than making a false one.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added October 8, 2026. submit a correction.