SEBI v. Vinodkumar Hirabhai Parmar and others (India Infraspace Ltd, 69 noticees, 2023)

Judgment entered

✓ Checked against the primary document on October 8, 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.

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In March 2023 a SEBI adjudicating officer penalised 64 of 69 noticees a total of Rs 3.65 crore over circular and reversal trades and small price-lifting orders in India Infraspace Ltd shares on BSE between April and July 2016. Proceedings against five noticees were abated, and one was fined for ignoring SEBI summons.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

—

Alleged gain

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Penalty as published

36.5m INR

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in INR. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

This adjudication order was issued on 31 March 2023 by Amar Navlani, a SEBI adjudicating officer, after two earlier appointees were transferred. It covers 69 noticees in the matter of India Infraspace Ltd, an infrastructure company formerly called Ganpati Infrastructure Limited, listed on BSE only during the period. The record names the first twelve, led by Vinodkumar Hirabhai Parmar; the other 57 are covered in the order. The investigation period was 26 April to 11 July 2016.

SEBI's show cause notice of April 2022 alleged that noticees 1 to 66 breached section 12A of the SEBI Act and the PFUTP Regulations 3, 4(1) and 4(2)(a) and (g) through circular and reversal trades, that noticees 67 and 68 created a misleading appearance of trading and contributed to price rises by placing small buy orders, and that noticee 69 failed to furnish information that SEBI summoned under section 11C(3). The noticees were largely individuals from Gujarat and Maharashtra, many sharing family names, whom SEBI treated as connected.

The order finds the allegations established. It records, for example, that individual noticees such as numbers 66, 67 and 68 contributed between about 3 per cent and 16 per cent of the market's positive price movement and that noticee 68 placed buy orders repeatedly. It rejects defences that the broker traded without the clients' knowledge, noting that the noticees made conflicting submissions, and relies on past penalties for similar conduct against several of them to mark them as repeat offenders.

Proceedings against noticees 18, 28, 39, 41 and 57 were abated without a ruling on the merits. The other 64 were penalised: most Rs 5 lakh to Rs 7 lakh under section 15HA, and noticee 69, Hanif Kasambhai Shekh, Rs 20 lakh under section 15A(a). The penalties total Rs 3.65 crore. No market bar or disgorgement was ordered.

The order is an administrative penalty, not a criminal judgment, and the record shows no criminal case. It does not show the volume of the circular trades in rupees, whether any noticee appealed or paid, or the reasons for the abatements beyond the order's statement.

This library tags the matter as wash trading and matched orders (circular and reversal trades), with price-lifting orders. 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 3 techniques 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.

• Wash trading — see how it works, what statute it engages, and every other action tagged the same way.
• Matched orders — see how it works, what statute it engages, and every other action tagged the same way.
• Price manipulation — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2023-03-31 SEBI order

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEBI order
• Order (PDF)

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added October 8, 2026. submit a correction.