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.

Elitecon International Limited, Vipin Sharma, Pawan Kumar Ray, Gaurav Tyagi, Prabhakar Kumar, and Sujit Chaturvedi.

• 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.

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