SEBI v. Soumen Mitra and Sanjoy Kumar Dey (V B Industries, remand order, 2025)

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.

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In March 2025 a SEBI adjudicating officer cleared Soumen Mitra and Sanjoy Kumar Dey of PFUTP charges, after the Securities Appellate Tribunal remanded a 2023 order that had fined each Rs 6 lakh. They were alleged to be directors of two companies that gave a false appearance of trading in V B Industries shares, but the officer gave them the benefit of doubt.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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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.

What is alleged to have happened

This order of 20 March 2025 concerns Soumen Mitra and Sanjoy Kumar Dey, named in a show cause notice of November 2021 as directors of two companies, Onceover Dealtrade Private Limited and Goldensight Vinimay Private Limited. A SEBI adjudicating officer had fined each of them Rs 6 lakh in January 2023 under section 15HA, and in August 2024 the Securities Appellate Tribunal remanded the matter so that they could produce documents and make submissions.

SEBI's case was that the two companies created artificial volume and a false and misleading appearance of trading in the shares of V B Industries Limited, a thinly traded scrip, so that net sellers could exit. The notice charged breaches of section 12A of the SEBI Act and regulations 3 and 4 of the PFUTP Regulations. The investigation did not, on the noticees' account, show any link between the purported buyers and sellers.

The noticees said they never consented to be directors, had never traded, were uneducated about the market and that their names and documents were misused. The officer compared the director-appointment filings of the two companies and found that the attached consent forms were unsigned and in the names of other persons, so the records did not show that these two had consented to act as directors.

The officer also found that the notice had not invoked the section of the SEBI Act that makes persons in charge of a company liable for its contraventions, so liability for the companies' conduct could not be attached to them. The charges were held not established and the proceedings were disposed of without any penalty.

The record does not show who actually operated the two companies, the outcome for the buyers and sellers in the wider matter, or any appeal by SEBI.

This library tags the matter as painting the tape, reflecting the alleged creation of artificial volume. 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.

• Painting the tape — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2025-03-20 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 page
• 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.