SEBI v. K. Ramaswamy (warrant conversion, Camson Bio Technologies, 2022)
Dismissed
Checked against the primary document on October 9, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.
In May 2022 a SEBI adjudicating officer disposed of fraud proceedings against K. Ramaswamy, an allottee in the January 2009 Camson Bio Technologies warrant conversion, without penalty. Following a Whole Time Member order of June 2021, the officer gave him the benefit of doubt.
The record
| Agency | SEBI (India) |
|---|---|
| Date filed | 2022-05-31 |
| Date resolved | 2022-05-31 |
| Court | SEBI adjudicating officer |
| Status | dismissed |
| Asset class | equities |
| Instruments | Camson Bio Technologies Ltd. shares (2009 warrant conversion) |
| Venue | BSE, Bangalore Stock Exchange |
| Criminal parallel | No |
| Defendants | K. Ramaswamy |
| Techniques | Misleading issuer disclosure |
What was ordered
- Civil penalty
- —
- Disgorgement
- —
- Prejudgment interest
- —
- Total relief
- —
- Alleged gain
- —
What is alleged to have happened
This order of 31 May 2022 concerns Mr K. Ramaswamy, one of the allottees when Camson Bio Technologies Ltd. converted warrants into 39,00,000 shares on 24 January 2009. It belongs to the same investigation as the companion order against the company's directors and other allottees decided on the same day.
SEBI alleged that the money for the shares was paid by rotating funds among Camson and promoter-connected entities, so that allottees did not truly pay for what they received, and that this defrauded other shareholders in breach of section 12A of the SEBI Act and the PFUTP Regulations.
The adjudicating officer relied on a Whole Time Member order of 22 June 2021, which had examined Mr Ramaswamy's tax returns and bank statements and found that the consideration was transferred to Camson by a promoter entity to settle a debt he owed to the company, a transaction he had disclosed in his income tax filings. After his own review the officer agreed and extended the benefit of doubt.
The proceedings were disposed of without penalty or direction, so there is no monetary sanction or bar to record.
The record does not show whether SEBI contested the outcome, and the order should not be read as clearing the other noticees in the same investigation, who were penalised in the companion order.
This library tags the matter as misleading issuer disclosure, although this noticee was not found to have violated any rule. The tagging is ours, not the regulator's.
For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the order.
What technique is this, and how does it work?
This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.
- Misleading issuer disclosure — see how it works, what statute it engages, and every other action tagged the same way.
Timeline
Primary documents
Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.
Related actions
Other actions in the library sharing at least one technique tag with this one.