SEBI investigates 11 traders over 6,549 shares daily in Veer Global case

This order details SEBI's adjudication proceedings against 11 individuals for alleged violations of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003, related to trading activities in the shares of Veer Global Infraconstruction Limited between March 2021 and September 2022.

Who it concerns: Mr. Ranjan Sahay, Mrs. Bhavana Sahay, Mrs. Rita Kumar, Mr. Vibhash Chandra, Mrs. Shahnaz Khatoon, Mr. Satish Ramvilas Upadhyay, Mrs. Seema Satish Upadhyay, Mr. Sanjay R Gupta, Mrs. Sunita Sanjay Gupta, Mrs. Jagdish Narayan Patil, Mr. Vikramsingh Govindsingh Rajput, and Veer Global Infraconstruction Limited.

What SEBI found or ordered

• SEBI initiated proceedings under Section 15-I of the SEBI Act, 1992, for alleged violations of PFUTP Regulations.
• The investigation period was defined as March 19, 2021, to September 21, 2022.
• SEBI identified connections between the 11 noticees based on KYC records, bank statements, Call Data Records (CDRs), common mobile numbers, fund transfers, and off-market share transfers.
• The order notes that promoter shareholding in Veer Global increased from 65.71% in March 2021 to 70.05% in September 2022.
• The document provided is truncated and does not contain the final findings, penalties, or directions issued by the Adjudicating Officer.

Also in the document

• The provided text is a partial excerpt (pages 1-6 of 89) and does not include the final adjudication outcome, penalty amounts, or specific directions.
• SEBI noted that the average traded quantity for Veer Global during the investigation period was approximately 6,549 shares per day.
• The investigation was initiated following a BSE examination report recommending further investigation into price and volume anomalies.