SEBI v. Harsha Ishvarbhai Solanki and others (trading in ANI Integrated Services, 2026)

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.

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In February 2026 a SEBI adjudicating officer found that 21 linked traders entered synchronised, reversal and first trades among themselves in ANI Integrated Services shares, creating artificial volume and price movement. Penalties total Rs 66 lakh, mostly Rs 42 lakh jointly and severally.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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Penalty as published

6.6m 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 adjudicating officer, Amit Kapoor, issued this order on 12 February 2026 against 28 noticees. The record names twelve of the main ones; the rest are individuals and small trading firms linked to them.

SEBI investigated trading in ANI Integrated Services Limited from March to August 2021, during which the price moved from Rs 25 to a high of about Rs 55. It alleged that the noticees were connected through shared devices, addresses, phone numbers and fund transfers, and traded among themselves. It also alleged that twelve noticees ignored summons.

The order finds that 21 noticees executed synchronised trades (1,330 of them, contributing about 63 percent of the relevant volume), reversal trades, new-high-price trades and first trades of the day among themselves, without any change in real ownership, and that this created a false appearance of trading and affected the price, violating section 12A(a), (b) and (c) of the SEBI Act and regulations 3 and 4 of the PFUTP Regulations. It finds twelve noticees violated sections 11C(3) and 11C(5) by not responding to summons.

The penalties are Rs 42,00,000 payable jointly and severally by the 21 noticees under section 15HA, and Rs 2,00,000 each on the twelve noticees who ignored summons under section 15A(a), Rs 66 lakh in total. The officer noted that gains and investor losses could not be quantified and that one noticee had been penalised before.

The record does not show whether anyone appealed or paid, and it imposes no market ban or disgorgement. Some noticees named in the document were not found liable on the trading charge.

This library tags the matter as price manipulation through synchronised and reversal trades. 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.

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

Timeline

1. 2026-02-12 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

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.