Markets Securities & Exchange Board
Ex-Parte Interim Order in the matter of Elitecon International Limited
This is an ex-parte interim order by SEBI concerning Elitecon International Limited and five individuals, based on allegations of price/volume manipulation, financial statement irregularities, and misleading disclosures.
SEBI has issued interim directions to restrain these parties from the securities market pending further investigation.
Who it concerns: Elitecon International Limited, Vipin Sharma, Pawan Kumar Ray, Gaurav Tyagi, Prabhakar Kumar, and Sujit Chaturvedi.
What SEBI found or ordered
- SEBI conducted an examination for the period August 26, 2024, to February 28, 2026.
- SEBI found prima facie evidence of price/volume manipulation and financial irregularities.
- SEBI noted a massive increase in public shareholders (from 461 to 62,899) and a significant reduction in promoter lock-in shares (from 100% to 17.19%) between Sept-25 and Dec-25 quarters.
- SEBI observed substantial revenue growth (5.23 times in FY24-25) and profit surges, which were subject to scrutiny for potential misleading disclosures.
- The order is interim and ex-parte, meaning it was passed without hearing the noticees, and includes directions to restrain them from the securities market.
Also in the document
- The order is interim, not final, and was passed ex-parte (without the noticees being present).
- SEBI noted a 1508-fold increase in outstanding shares and a 131-fold increase in the number of shareholders between March 2019 and December 2025.
- The company has subsidiaries in Singapore and UAE, indicating cross-border operations.
- SEBI noted that the company's revenue increased from ₹56.82 crore to ₹297.51 crore in FY24-25, and consolidated revenue rose to ₹2,192.09 crore in the Sept-25 quarter.
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The original document
Securities & Exchange Board of India (SEBI) — enforcement orders
Regulatory order · Ref. WTM/KV/ISD/ISD-SEC-6/32325/2025-26 · 30 Mar 2026
Read it here
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