SEBI remits Darshan Orna case for fresh consideration after Telegram price manipulation findings

This order addresses SEBI's investigation into alleged price manipulation of Darshan Orna Limited shares using social media (Telegram) recommendations and coordinated trading. It details the procedural history, including the remission of the case by the Securities Appellate Tribunal (SAT) for fresh consideration, and the findings regarding the involvement of specific individuals and entities.

Aakash Doshi, Kevin Kapadia, Dilip Doshi, Richi Dilip Doshi, Kruti Kevin Kapadia, Darshan Orna Limited, Dhanpal Gandhi, Darshan Gandhi, Jalpa Dhanpal Gandhi, Amesh Jaiswal, Jalaj Agarwal, Satyen Dalal, Vivid Mercantile Limited, Mahendrabhai Ramniklal Shah

• SEBI investigated trading activities in Darshan Orna Limited (DOL) from September 1, 2021, to June 30, 2022.
• SEBI found prima facie violations of the SEBI Act and PFUTP Regulations by the noticees.
• The Securities Appellate Tribunal (SAT) remitted the matter for fresh consideration in accordance with law for all five primary noticees.
• SEBI identified a scheme involving coordinated trading and Telegram recommendations that created a misleading appearance of trading.
• SEBI noted that public shareholders in DOL increased by 335% (from 1,732 to 7,536) between January and March 2022.
• SEBI recorded that the share price rose from an open of Rs 77 on Jan 3, 2022, to a high close of Rs 146.7 on Mar 4, 2022.
• SEBI identified connections between noticees through KYC documents, bank statements, and common directorships.
• The order lists specific trading volumes and percentages for the identified entities during the investigation period.

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