SEBI v. Roshanlal Daulatram Aggarwal and others (Mega Nirman and Industries, 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 20 September 2023 a SEBI adjudicating officer penalised six connected Ahmedabad traders Rs 5,00,000 each, Rs 30,00,000 in all, for synchronised and reversal trades in Mega Nirman and Industries shares in 2016-17. During that period the price rose from Rs 12.5 to a high of Rs 132.05.
The record
| Agency | SEBI (India) |
|---|---|
| Date filed | 2023-09-20 |
| Date resolved | 2023-09-20 |
| Court | SEBI adjudicating officer |
| Status | judgment |
| Asset class | equities |
| Instruments | Mega Nirman and Industries Ltd shares |
| Venue | BSE |
| Criminal parallel | No |
| Defendants | Roshanlal Daulatram Aggarwal ; Hardasbhai Babubhai Patel ; Vinitkumar Popatlal Parikh ; Maulik Vinitkumar Parikh ; Subhadraben Rameshchandra Shah ; Nilesh Rameshchandra Shah |
| Techniques | Matched orders , Price manipulation |
What was ordered
- Civil penalty
- —
- Disgorgement
- —
- Prejudgment interest
- —
- Total relief
- —
- Alleged gain
- —
- Penalty as published
- 3m INR
What is alleged to have happened
A SEBI adjudicating officer issued this order on 20 September 2023. The six noticees are Roshanlal Daulatram Aggarwal, Hardasbhai Babubhai Patel, Vinitkumar Popatlal Parikh, Maulik Vinitkumar Parikh, Subhadraben Rameshchandra Shah and Nilesh Rameshchandra Shah, whom SEBI described as connected through shared addresses, off-market transfers and similar links. The shares are those of Mega Nirman and Industries Limited, listed on BSE.
SEBI examined trading from 19 August 2016 to 31 March 2017, during which the price rose from Rs 12.5 to a high of Rs 132.05 and closed the period at Rs 94.9. It alleged that the noticees placed buy and sell orders that matched each other in quantity and price, in synchronised and reversal trades, creating artificial volume and liquidity and breaching the PFUTP Regulations.
The order finds those allegations made out, citing the Supreme Court's reasoning in the Rakhi Trading case that matching orders among interconnected persons point to a prior arrangement. It notes that no profit was quantified, but treats the long period and large volumes as repetition and records that action had been taken against the noticees in other scrips.
Under section 15HA of the SEBI Act the officer imposed a penalty of Rs 5,00,000 on each of the six noticees, Rs 30,00,000 in total, payable within 45 days.
The record does not show whether any noticee appealed, nor does it state any gain, investor loss or 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
- 2023-09-20 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.