SEBI v. Jayesh Rawal and others (Generic Engineering Construction and Projects, 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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On 10 August 2023 a SEBI chief general manager found that a ring of connected traders manipulated the price of Generic Engineering Construction and Projects shares in 2016-17 through synchronised and circular trades. The order penalised Jayesh Rawal Rs 25,00,000 and directed 13 noticees to disgorge Rs 4,54,41,808 in total.

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

2.5m 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

SEBI's chief general manager issued this order on 10 August 2023 under SEBI's direction powers and the PFUTP Regulations. It names 21 noticees, among them the BSE-listed company Generic Engineering Construction and Projects Limited (formerly Welplace Portfolio and Financial Consultancy Services), executive director Jayesh Rawal, several corporate entities and a number of individual traders. The examination covered 4 November 2016 to 20 September 2017.

SEBI alleged that a group of 24 connected entities, which it called Group 1, traded among themselves through synchronised and circular trades and contributed to rising last-traded prices, creating a misleading appearance of activity while some of them exited at higher prices. It also alleged that part of the proceeds went to other entities in the group as payment for preferential share allotments.

The order finds that Mr Rawal, together with the companies Emerald Corporate Advisory and Numisma Financial Advisors and other Group 1 entities, manipulated the price and created a misleading appearance of trading, and that the traders made unlawful gains of Rs 4,54,41,808 in total, part of which passed to Pillar Investment, Edocs Solutions and Kuber Udyog. It disposed of the notice, without directions, against the company itself, one individual, and two other entities, and merely advised three noticees to comply with the law.

SEBI directed 13 noticees to disgorge the sums computed for each, from Rs 2.61 lakh for Emerald up to Rs 1,10,54,970 for the largest individual share, totalling Rs 4,54,41,808, and imposed a penalty of Rs 25,00,000 on Mr Rawal under section 15HA of the SEBI Act. The monetary penalty recorded here is that Rs 25,00,000; the disgorgement is separate.

The record does not show interest on the disgorgement beyond what the order states, whether any noticee appealed, or any criminal case.

This library tags the matter as price manipulation with matched orders and wash trading. 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.

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

Timeline

1. 2023-08-10 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

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.