Final Order in the matter of trading activities of certain entities in the scrip of DU Digital Technologies Limited (now DU Digital Global Limited)

What is this order about?

SEBI issued a final order regarding alleged market manipulation in the shares of DU Digital Technologies Limited (now DU Digital Global Limited) by a group of connected entities during the period August 2021 to March 2023.

Who it concerns

Usha Devi, Jagdish Chhanabhai Vaghela, Mahendrabhai Sanghvi, Kuntal Jitendra Trivedi, Jigneshkumar Purshottamdas Patel, Girish Kantilal Parmar, Pranav Kamleshkumar Trivedi, Nikunj Sureshchandra Shah, Sagarkumar Pravinchandra Dataniya, Vidhi Nikunj Shah, Nayan Mahendrabhai Thakkar, Babubhai Somabhai Rathod, Manjulaben Parmar, Ankit Ajitbhai Panchal, Bhaumik Parmar, Manoj Rameshbhai Solanki, Rathod Mahendrkumar, Shvetalben Sagarbhai Dataniya, Rohit Bairwa, Madhu Kumari Bairwa, Sanjay Savjibhai Parmar, Dhaval Vinodbhai Gadani, Dhaval Girishbhai Parmar, Punjiben Babubhai Rathod, Vyas Jitendrakumar Hasmukhlal (HUF), Jitendra Hasmukhlal Vyas, Sun Flower Broking Private Limited

What was found or directed

• SEBI found that the Noticees acted as a 'group' using deceptive trading strategies to artificially increase the price and volume of DU Digital shares
• The Noticees were connected through common mobile numbers, MAC IDs, IP addresses, and frequent fund flows
• The Noticees contributed significantly to price and volume manipulation during the investigation period (August 2021-March 2023)
• During Patch 2, 3, and 4, the Noticees contributed 45.61%, 37.94%, and 39.50% to total market positive LTP respectively
• During Patch 2, 3, and 4, the Noticees contributed 10.82%, 24.40%, and 7.81% of total market volume through synchronized trades
• The Noticees executed 83.33%, 93.61%, and 100% of first trades among themselves during Patches 2, 3, and 4 respectively