SEBI imposes Rs.2.64 crore on 20 persons for manipulating Quasar India’s share price
The market watchdog investigated the company’s scrip from 01 May 2022 to 31 December 2023
By: : Anjali Verma
Update: 2025-10-31 18:15 GMT
SEBI imposes Rs.2.64 crore on 20 persons for manipulating Quasar India’s share price
The market watchdog investigated the company’s scrip from 01 May 2022 to 31 December 2023
The Securities and Exchange Board of India (SEBI) has imposed Rs.2.64 crore on 20 individuals for price and volume manipulation in the scrip of Quasar India Ltd.
While Rs.2.5 crore penalty was levied on 18 individuals (to be paid by them jointly and severally), a fine of Rs.7 lakh each was slapped on Mrugesh Natwarlal Ruparel and Arpit Piyushbhai Shah.
The order came after the market regulator investigated the matter of price and volume manipulation in the scrip of Quasar from 01 May 2022 to 31 December 2023.
In SEBI’s order, adjudicating officer Amit Kapoor stated, "The 18 entities (noticees 1 to 18) and noticees 19 (Ruparel) and 20 (Shah) were found to be connected to each other and indulged in generating the volume in the scrip of Quasar, resulting in price rise. The entities (1 percent shareholders of Quasar), in connivance with other entities, were key perpetrators in manipulating the scrip of Quasar. They misled the investors into investing in Quasar’s scrip, which otherwise was thinly traded.”
The market watchdog added that these individuals collectively profited by Rs.1.96 crore by trading in the scrip of Quasar during the investigation period. Thus, the allegation that noticees 1 to 18 have violated the provisions of the SEBI Prohibition of Fraudulent and Unfair Trading Practices Regulations stands established. They also failed to comply with the summons issued by the authority for violating the market rules.
The order further read, "Noticees 2, 3, 5, 7, 11, 12, 13, 15 and 16, by entering into circular trades, created a misleading appearance of trading in the scrip by trading among themselves in the share of Quasar without any intention of change of ownership of the security and provide a false appearance of trading in such security to inflate or cause fluctuations in the price.”