SEBI’s order details how a group allegedly manipulated illiquid stocks by creating artificial trading activity and then luring retail investors through bulk SMS’s sent using fake headers resembling well-known brokers. After investors entered on the back of the rising prices, the operators allegedly exited their positions, and the proceeds were routed through multiple entities. The investigation covered events from 2017–2020, with the final order coming in 2026.
I totally agree with the fact why is there such a disparity in the penalty? If a proxy who earned only a few thousand rupees for renting out an account can face a ₹5 lakh penalty, while the alleged mastermind behind a ₹144 crore scam receives a ₹10 crore penalty, the proportionality raises valid questions. Also, why did it take nearly nine years from the start of the scam to reach a final order?
