SEBI v. Chirag Tracom Pvt Ltd and others (Autumn Builders 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 30 April 2024 a SEBI adjudicating officer penalised nine connected companies Rs 5 lakh each, Rs 45 lakh in all, for placing matching buy and sell orders in the illiquid shares of Autumn Builders Ltd on BSE in 2014 and 2015. The order found the trades non-genuine and price-raising.

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

4.5m 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 30 April 2024 concerns eleven companies in the matter of trading in the shares of Autumn Builders Ltd, which are traded on BSE. Nine, led by Chirag Tracom Pvt. Ltd., faced charges of fraud on the market. Two, Vandana Advisory Services and Monalisa Management Advisory Services, were separately charged with failing to respond to the regulator's requests for information.

SEBI investigated trading from May 2014 to July 2015, in which it split the period into a price-rise patch and later stretches. It found heavy concentration of buying and selling in a few brokers and clients in an illiquid stock. It alleged that the nine companies were directly connected with each other and placed buy and sell orders of matching quantity and price within very short intervals, in a planned way, which raised the price.

The adjudicating officer accepted that the trades were non-genuine, that they created a misleading appearance of trading, and that they manipulated the price, in breach of the 2003 fraud and unfair trade practice regulations. The order notes that one of the nine had been the subject of an earlier SEBI action, and that no gain or investor loss could be quantified.

Each of the nine received a penalty of Rs 5 lakh under section 15HA of the SEBI Act, Rs 45 lakh in all, due within 45 days. The order's penalty table lists no sanction for the two companies charged with information failures, and the record does not explain their outcome.

The record does not show whether anyone appealed or paid, and it describes no 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

1. 2024-04-30 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.