SEBI v. Parvati Minerals Pvt Ltd (Sun & Shine Worldwide Ltd, 2024)

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 29 February 2024 a SEBI adjudicating officer found that Parvati Minerals Pvt Ltd had helped push up the price of Sun & Shine Worldwide Ltd shares on BSE in collusion with other entities during 2012 and 2013. The order imposed a Rs 5 lakh penalty.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

—

Alleged gain

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Penalty as published

500k 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 adjudication order of 29 February 2024 is directed at a single noticee, Parvati Minerals Pvt. Ltd., one of several entities who were the subject of proceedings after an investigation into trading in the shares of Sun & Shine Worldwide Limited, formerly Robinson Worldwide Trade, which are listed on BSE. The investigation period ran from October 2012 to September 2014.

SEBI divided the period into three stretches. In the first, from October 2012 to November 2013, the price rose from about Rs 21.90 to Rs 76 on low volume, a rise of roughly 247 percent. In the second it rose further on heavier volume, and in the third it fell back sharply. SEBI identified 180 suspected entities in two groups whose trades, as buyers, contributed a large share of the positive movement in the last traded price during the first stretch.

SEBI alleged that the noticee was part of this group and had acted in collusion with others to cause a manipulative price rise and a misleading appearance of trading, in breach of section 12A of the SEBI Act and the 2003 fraud and unfair trade practice regulations. After considering the noticee's reply and its trading pattern, the adjudicating officer held that the allegation concerning the first stretch was established.

The officer imposed a penalty of Rs 5 lakh under section 15HA of the SEBI Act. The order noted that the record did not quantify any gain to the noticee or any loss to investors, and called the consequences of price manipulation of this kind serious. Payment was due within 45 days.

The record does not show what happened to the other suspected entities, since each was dealt with separately, nor whether the noticee appealed or paid. It describes no criminal case.

This library tags the matter as 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 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.

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

Timeline

1. 2024-02-29 SEBI adjudication 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
• Order (PDF)

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.