Sebi cracks whip in Superior Finlease stock price manipulation case

Sebi has barred 17 entities and individuals from the securities market for five years and two others for three years each for allegedly orchestrating a pump and dump scheme in Superior Finlease via misleading recommendations on Telegram Channels. Rajneesh Kumar, a company director, faces a ₹5 crore penalty, while two scheme operators each incur a ₹2 crore fine. \r

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Additionally, 16 others are fined ₹2.9 crore collectively. Ashwani Bhatia, a Sebi wholetime member, emphasized that such manipulative practices will face consequences, urging investors to exercise caution. A pump and dump scheme involves artificially inflating stock prices through manipulative trading tactics.