SEBI v. Pankaj Rameshchandra Vyas and others (synchronized trades in SecUR Credentials, 2025)
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. 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.
A SEBI adjudicating officer found that a company's departing promoters sold their stake to a family group of connected buyers through synchronized trades, which formed about 17 per cent of market volume. Penalties of Rs 30 lakh in total were imposed on the promoters, the buyers and the broker.
The record
| Agency | SEBI (India) |
|---|---|
| Date filed | 2025-09-03 |
| Date resolved | 2025-09-03 |
| Court | SEBI adjudicating officer |
| Status | judgment |
| Asset class | equities |
| Instruments | SecUR Credentials Limited shares |
| Venue | NSE |
| Criminal parallel | No |
| Defendants | Pankaj Rameshchandra Vyas ; Vaishali Pankaj Vyas ; Prafulchandra Chimanlal Vora ; Pranav Prafulchandra Vora ; Bhavik Prafulchandra Vora ; Deshna Traders LLP ; Vilpa Enterprise LLP ; Anustup Trading Private Limited ; Olga Trading Private Limited ; Niraj Harsukhlal Sanghavi ; Marfatia Stock Broking Private Limited |
| Also named elsewhere | Marfatia Stock Broking Private Limited |
| Techniques | Matched orders , Price manipulation |
What was ordered
- Civil penalty
- —
- Disgorgement
- —
- Prejudgment interest
- —
- Total relief
- —
- Alleged gain
- —
- Penalty as published
- 3m INR
What is alleged to have happened
On 3 September 2025 a SEBI adjudicating officer issued an order in the matter of manipulation in the shares of SecUR Credentials Limited, which was listed on the NSE SME platform and moved to the main board on 17 October 2022. The investigation covered 21 February to 27 April 2022. There were eighteen noticees: the promoters Pankaj Rameshchandra Vyas and Vaishali Pankaj Vyas, fourteen members and entities of a family group named after the Vora family, Anustup Trading, Olga Trading, Niraj Harsukhlal Sanghavi, and their broker Marfatia Stock Broking.
SEBI noted that promoter holding fell from about 61.6 per cent in September 2021 to about 5 per cent in March 2022 and to nil by September 2022. It alleged that the promoters sold through the same broker that acted for the buyers, that the buyers were connected to the sellers and to each other, and that one Vora family member took the buy and sell decisions using his wife as a front at the broker. It cited shared addresses, phone numbers and emails, fund transfers and call records, and orders entered from the broker's terminal without any record of who placed them. It further alleged 34 synchronized trades among the suspected entities on five days, 5.76 lakh shares and 17.39 per cent of market volume, and sales by the Vora group in June 2022 of more than twice what they had bought.
The officer found that the promoters and the connected buyers violated section 12A(a), (b) and (c) of the SEBI Act and the PFUTP Regulations, and that the broker breached the stock-broker code of conduct and a 2018 circular on keeping order evidence.
Under section 15HA the order imposed Rs 5 lakh jointly and severally on the two promoters, Rs 10 lakh jointly and severally on the fourteen members of the Vora group, Rs 6 lakh jointly and severally on Anustup and Olga Trading, and Rs 6 lakh on Mr Sanghavi. Under section 15HB it imposed Rs 3 lakh on the broker. The total, Rs 30 lakh, is this library's addition of those figures. There was no market ban or disgorgement.
The record does not show quantified gains or investor losses, which the officer said could not be worked out, or whether anyone appealed. The order notes earlier PFUTP charges against three of the noticees and an earlier broker penalty. It is a civil penalty, not a criminal conviction.
This library tags the matter as matched orders (synchronized 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
- 2025-09-03 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.
Related actions
Other actions in the library sharing at least one technique tag with this one.