SEBI v. Jatin Rasiklal Mansata and others (Shri Krishna Prasadam, 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 30 October 2023 a SEBI adjudicating officer found that two traders repeatedly placed large buy orders in Shri Krishna Prasadam shares and deleted them within seconds to inflate apparent demand in December 2017 and January 2018. Their broker and a non-cooperating third noticee were also penalised, Rs 23,00,000 in all.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

—

Total relief

—

Alleged gain

—

Penalty as published

2.3m 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 30 October 2023. Four noticees were named: traders Jatin Rasiklal Mansata and Hasit Jyotindra Negandhi, their broker J M Global Equities Pvt Ltd, and Pratik Sanjaykumar Patel, proprietor of Web Arrival I Technology. The shares are those of Shri Krishna Prasadam Limited, and the review period ran from 12 December 2017 to 12 January 2018.

SEBI alleged that Mr Mansata and Mr Negandhi manipulated the trading in the scrip, breaching section 12A and Regulations 3 and 4 of the PFUTP Regulations, that the broker failed to exercise due skill and care, and that Mr Patel, whose firm owned an algorithmic trading identity used in the case, failed to comply with SEBI's summons.

The order finds that Mr Mansata and Mr Negandhi followed a common strategy of adding and deleting large buy orders within a few seconds through the same broker. It held this could make others believe demand was high and draw in further orders, was not coincidence, and resulted from a meeting of minds. It found the broker facilitated the pattern and held that the broker's reliance on exchange-approved algorithms did not excuse it. Mr Patel had not replied to the show cause notice and had earlier been penalised in other matters for ignoring summons.

The officer imposed Rs 8,00,000 each on Mr Mansata and Mr Negandhi under section 15HA of the SEBI Act, Rs 2,00,000 on the broker under section 15HB, and Rs 5,00,000 on Mr Patel under section 15A(a) for the summons failure. The total is Rs 23,00,000, of which Rs 5,00,000 relates only to the summons failure.

The record does not show any quantified gain or investor loss, any appeal, or any criminal case.

This library tags the matter as spoofing, the order-placement pattern the officer described. 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.

• Spoofing — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2023-10-30 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.