SEBI v. Vinod V. Sable and others (Svarnim Trade Udyog Ltd pump and dump, 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 31 May 2024 a SEBI whole-time member found that a group around Prijesh Kurani used Telegram buy tips and connected accounts to pump and sell shares of Svarnim Trade Udyog Ltd in 2021. The order barred nine noticees for five years and two for two years, ordered disgorgement with interest and imposed penalties totalling Rs 7.75 crore.

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

77.5m 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

The final order of 31 May 2024 was issued by a whole-time member of the Securities and Exchange Board of India after an interim order and notice of January 2023. It names 11 noticees: Prijesh A. Kurani, said to have devised the scheme; Vinod V. Sable, who held shares as Mr Kurani's proxy; Dharini Kurani; the operator Ashish P. Shah; Jalaj Agrawal and Arvind Shukla, who were also involved in the Superior Finlease case; and five connected counterparty buyers.

SEBI's case was that three Telegram channels circulated a false buy recommendation for Svarnim shares on 17 August 2021, and shares held by Mr Kurani through Mr Sable were sold to counterparties linked to Mr Shah. Those buyers then traded among themselves to lift the price, and offloaded the shares profitably on the back of a second recommendation on 30 November 2021.

The order found the scheme established on digital and trading evidence. The directions barred nine for five years and two for two years, the shorter restraint to begin only after the restraint imposed on the same two in the Superior Finlease order of 22 May 2024.

The nine longer-banned noticees were ordered to disgorge the sums in the order's table with 12 percent simple interest from the second recommendation date. Penalties under section 15HA were Rs 2 crore on Mr Kurani, Rs 1 crore each on Ms Kurani and Mr Shah, Rs 50 lakh each on Mr Sable, Mr Agrawal and five others, and Rs 25 lakh on Mr Shukla, Rs 7.75 crore in total.

The record does not show whether the order was appealed or the sums recovered, and it describes no criminal case. The total disgorgement is not stated in one figure in the passages relied on here.

This library tags the matter as social media ramps and pump and dump. 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.

• Social media ramps — see how it works, what statute it engages, and every other action tagged the same way.
• Pump and dump — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2024-05-31 SEBI final 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
• 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.