SEBI v. Anand H Soni and others (Capri Global Capital, 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.
On 18 September 2023 a SEBI adjudicating officer penalised 26 individuals for manipulating the price and volume of Capri Global Capital shares in 2019-20 through synchronised and reversal trades. Penalties were Rs 5,00,000 each for most noticees and Rs 10,00,000 for the one who funded the others.
The record
| Agency | SEBI (India) |
|---|---|
| Date filed | 2023-09-18 |
| Date resolved | 2023-09-18 |
| Court | SEBI adjudicating officer |
| Status | judgment |
| Asset class | equities |
| Instruments | Capri Global Capital Ltd shares |
| Venue | NSE, BSE |
| Criminal parallel | No |
| Defendants | Anand H Soni ; Ritu Rahul Mehta ; Dhaval Vinodbhai Gadani ; Sharda Sharma ; Kamleshkumar Bipinchandra Parmar ; Vipul Bharatbhai Pithadia ; Dinesh Avadheshsingh Thakur ; Jitendrabhai Madhavlal Mistri ; Rahul Rameshbhai Mehta ; Anurudhkumar Barelal Yadav ; Durgeshkumar Kalidas Sathvara ; Vijay Ghyanshambhai Pujara |
| Techniques | Matched orders , Price manipulation |
What was ordered
- Civil penalty
- —
- Disgorgement
- —
- Prejudgment interest
- —
- Total relief
- —
- Alleged gain
- —
What is alleged to have happened
A SEBI adjudicating officer issued this order on 18 September 2023 against 26 noticees in the matter of Capri Global Capital Limited, a non-banking finance company. The first named is Anand H Soni; the last, Vijay Ghyanshambhai Pujara, is described separately from the other 25. The review period was 29 August 2019 to 4 June 2020, and this record lists only the first eleven and Mr Pujara by name.
SEBI alleged that 25 entities connected through client codes, KYC documents and bank transfers executed synchronised trades and reversal trades without any change in beneficial ownership, creating volume and moving the last traded price. It alleged that Mr Pujara moved funds into their accounts before they traded, and that he also failed to comply fully with summonses.
The order finds that the 25 acted as a group and caused price and volume manipulation by fraudulent trades, and that Mr Pujara funded them, so all 26 breached the PFUTP Regulations. It found the summons charge against Mr Pujara not established because he had in fact replied to the February 2023 summons. It treated the generation of artificial volume and the effect on last traded price as serious although neither gain nor investor loss could be quantified.
The officer imposed penalties under section 15HA of the SEBI Act of Rs 5,00,000 each on the noticees numbered 1 to 24 and Rs 10,00,000 on Mr Pujara. The table in the cached order text does not show a row for noticee 25, Sanjaybhai Pappubhai Parmar, so this record does not state a combined total.
The record does not show whether anyone appealed, whether disgorgement or a market restraint was ordered elsewhere, or any criminal case.
This library tags the matter as matched orders 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.
- Matched orders — 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
- 2023-09-18 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.
Related actions
Other actions in the library sharing at least one technique tag with this one.