SEBI initiates inquiry into Telegram-based market manipulation in Moksh Ornaments stock

This is a SEBI adjudication order concerning allegations of market manipulation in the stock of Moksh Ornaments Limited (MOL). SEBI examined whether specific individuals and entities used social media (Telegram) to circulate misleading stock tips to facilitate the offloading of shares.

Mr. Anupam Narain Gupta, Mr. Narain Kumar Gupta, Narain Kumar Gupta HUF, Mr. Abhay Narain Gupta, Abhay Gupta HUF, Pro Fin Capital Services Ltd., Ambe Securities Pvt. Ltd., Triyamb Securities Private Ltd., Mr. Rohit Arora, Mr. Amesh Surajlal Jaiswal, Mr. Jalaj Agrawal, Mr. Arvind Shukla, and Mr. Aviral Saxena.

• SEBI alleged that Noticees 1 to 13 violated sections 12A(a), (b), (c) of the SEBI Act and various regulations under the PFUTP Regulations, 2003.
• SEBI alleged that Noticee 10 (Mr. Amesh Surajlal Jaiswal) violated section 11C(5) of the SEBI Act for failing to appear before the Investigating Authority.
• The investigation period covered May 31, 2021, to March 31, 2022.
• SEBI alleged that misleading buy recommendations for MOL were posted on Telegram channels on January 31, 2022, and February 01, 2022, claiming 40-50% returns in 5-7 days.
• SEBI alleged that Noticee 1 was the main perpetrator who accumulated and offloaded shares in collusion with Noticee 10, while Noticees 2 to 9 aided and abetted this activity.
• SEBI alleged that Noticees 10 to 13 were involved in posting these misleading tips via Telegram channels.

Written from the document by AI, and checked against it. The original below is authoritative.

The original document