SEBI v. Anirudh Sethi and others (Alexander Stamps and Coin 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.
On 28 March 2024 a SEBI adjudicating officer penalised Anirudh Sethi, a director of Alexander Stamps and Coin Ltd, and two other noticees a combined Rs 17 lakh. The order found they had been party to reversal trades that gave a false picture of trading in the company's shares on BSE.
The record
| Agency | SEBI (India) |
|---|---|
| Date filed | 2024-03-28 |
| Date resolved | 2024-03-28 |
| Court | SEBI adjudicating officer |
| Status | judgment |
| Asset class | equities |
| Instruments | Alexander Stamps and Coin Ltd shares |
| Venue | BSE |
| Criminal parallel | No |
| Defendants | Anirudh Sethi ; Shweta P. Kulthia ; Patel Bharatbhai Keshavalal HUF |
| Techniques | Matched orders , Price manipulation |
What was ordered
- Civil penalty
- —
- Disgorgement
- —
- Prejudgment interest
- —
- Total relief
- —
- Alleged gain
- —
- Penalty as published
- 1.7m INR
What is alleged to have happened
The adjudication order of 28 March 2024 concerns three noticees in the shares of Alexander Stamps and Coin Limited, formerly Rudraksh Cap Tech Limited, listed on BSE: Anirudh Sethi, a director of the company, Shweta P. Kulthia, and the Patel Bharatbhai Keshavalal HUF. A companion order of February 2024 dealt with Mr Sethi's contra trades as a designated person of the same company.
SEBI investigated trading in two windows, March to October 2016 and May to July 2017, the latter for disclosure lapses. In the first window the price fell from about Rs 60 to Rs 36 and then rose. SEBI alleged that the noticees entered into reversal trades, in which a buyer and seller reverse their positions with each other on the same day without any intention of changing ownership, creating artificial volume and a misleading appearance of trading.
In SEBI's analysis, Mr Sethi and 204 other entities executed reversal trades that came to about 21 percent of market volume on the days concerned, Mr Sethi's own share being about 10.6 percent and Ms Kulthia's about 1.4 percent. The order held the violations of section 12A of the SEBI Act and the 2003 fraud and unfair trade practice regulations established against the three noticees, and found Mr Sethi additionally liable for disclosure failures under the insider-trading and takeover rules.
The adjudicating officer imposed penalties of Rs 7 lakh on Mr Sethi, for the trading violation and the disclosure default combined, and Rs 5 lakh each on Ms Kulthia and the HUF. The order noted that the record did not quantify any gain or investor loss, and that earlier orders had been passed against Mr Sethi. The sums total Rs 17 lakh and were due within 45 days.
The record does not show whether anyone appealed or paid, and it describes no criminal case.
This library tags the matter as matched orders (reversal trades) 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
- 2024-03-28 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.
Related actions
Other actions in the library sharing at least one technique tag with this one.