2026 (3) TMI 1648 - SCH - SEBI

Fraudulent trading and minimum public shareholding breaches upheld; debarment reduced on proportionality, and appeals dismissed.

Fraudulent trading in an illiquid scrip, failure to maintain minimum public shareholding, and debarment on proportionality were the central issues ... Fraudulent trading in illiquid scrip - Promoter group - Minimum public shareholding (MPS) norms - proportionality of debarment - The Tribunal upheld the findings that Riddhi Siddhi had failed to maintain minimum public shareholding and that the connected appellants had engaged in fraudulent trading to project liquidity in the scrip for delisting purposes. The penalty order in one appeal was sustained, the principal directions of the WTM were maintained, and only the period of debarment was reduced for specified appellants on proportionality. HELD THAT:- Having heard both the learned senior counsel appearing for the appellants and the learned senior counsel appearing for the Securities and Exchange Board of India, the respondent, we find no reason whatsoever to interfere with the impugned final order [2026 (3) TMI 1255 - SECURITIES APPELLATE TRIBUNAL AT MUMBAI] No substantial question of law arises for consideration in our opinion. The appeals are, accordingly, dismissed. Outcome: Appeals dismissed.