SEBI levies ₹2.8 crore fine on 18 entities; debars for 5 years in RGRL share manipulation case
The Hindu
SEBI fines 18 entities ₹2.8 crore and imposes five-year bans for manipulating Retro Green Revolution Limited shares.
The Securities and Exchange Board of India (SEBI) has levied penalties totalling ₹2.8 crore on 18 entities and barred them from securities markets for up to five years for manipulating the share prices of Retro Green Revolution Limited (RGRL).
Besides, the regulator has directed 15 of these entities to disgorge the total unlawful gains worth ₹2.94 crore, along with 12% interest per annum from December 31, 2021, till the date of payment.
The amount is to be deposited in SEBI’s Investor Protection and Education Fund within 45 days.
In its 61-page order passed on Tuesday (March 17, 2026), the regulator found that the entities were part of a premeditated scheme to artificially jack up the price of an illiquid scrip of RGRL and lure gullible investors.
SEBI observed that the scheme involved trading among connected entities to create artificial volumes in a thin stock, followed by circulating tips/stock recommendations through a Telegram channel.
The noticees, no. 1 to 6, including Sanjay Arunkumar Choksi, had indulged in creating a misleading appearance of trading in the scrip as well as manipulated the price of the scrip, the SEBI said in the order.
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