SEBI v. Manish Mishra and others (YouTube stock promotion, Atlantaa Limited, 2025)

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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A SEBI officer found that three men ran a coordinated scheme of misleading YouTube videos recommending Atlantaa Limited shares, from which two of them profited, and ordered five-year market bans, disgorgement of about Rs 10.4 lakh and penalties of Rs 70 lakh. Four other noticees were given the benefit of the doubt.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

—

Total relief

—

Alleged gain

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Penalty as published

7m 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

On 30 April 2025 a SEBI quasi-judicial authority issued an order in the matter of trading in the shares of Atlantaa Limited, listed on the BSE and NSE. It followed an NSE reference and an investigation of 1 August to 23 November 2022. Seven noticees were named: Manish Mishra, Vivek Chauhan, Ankur Sharma, the firms M.T. Corporation and Krone Investments, and brothers Himanshu and Bankim Jayantilal Shah. A related broker was dealt with separately by a settlement order.

SEBI alleged that on 2 October 2022 videos on two YouTube channels urged viewers to buy the stock, claiming among other things that it would rise from Rs 18 to Rs 130 in two months and that a large business group would invest in it. It alleged that Mr Mishra created the content with Mr Chauhan, and that Mr Mishra and some others bought cheaply and sold at inflated prices, for unlawful gains of Rs 1,12,01,144.70 alleged in the notice. The notice of 27 June 2024 invoked section 12A(a), (b) and (c) of the SEBI Act and the PFUTP Regulations.

The authority found that Mr Mishra, Mr Chauhan and Mr Ankur Sharma colluded in a coordinated scheme of misleading videos to induce investors to buy, and held the PFUTP provisions violated. It found Mr Mishra's gain was Rs 4,37,358.75 and Mr Sharma's Rs 6,01,421.25, and that Mr Chauhan did not trade in the stock. For the firms and the Shah brothers it found only call records, shared connections and ordinary-looking trading, held that suspicion was not proof, and gave them the benefit of the doubt, so no directions were made against them. It treated Mr Mishra and Mr Chauhan as repeat offenders, citing a January 2025 order in another stock.

The order restrained each of the three from the securities market for five years and directed Mr Mishra and Mr Sharma to disgorge their own gains, Rs 4,37,358.75 and Rs 6,01,421.25, to the Investor Protection and Education Fund. It restricted their assets for that purpose. Under section 15HA it imposed penalties of Rs 50 lakh on Mr Mishra and Rs 10 lakh each on Mr Chauhan and Mr Sharma, Rs 70 lakh in total.

The record does not show whether any noticee appealed, whether the sums were paid, or how much investors lost. The order is a regulatory sanction, not a criminal conviction.

This library tags the matter as social-media ramping and pump and dump. 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 2 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.

• Social media ramps — see how it works, what statute it engages, and every other action tagged the same way.
• Pump and dump — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2025-04-30 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.