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of The Board found that the Noticees engaged in spoofing, a manipulative trading practice violating sections 12A(a), (b), (c) of the SEBI Act and multiple provisions of the PFUTP Regulations, by placing and canceling non-genuine orders to mislead the market and execute trades on the opposite side. The principal violator, a registered stock broker, executed such manipulations across numerous scrips over three years, accruing unlawful gains of INR 3.22 crores. Executive directors were held vicariously liable under section 27 of the SEBI Act. Consequently, interim measures were imposed: impoundment of unlawful gains via fixed deposits with SEBI lien; prohibition on securities trading and market access for all Noticees; restrictions on bank and depository transactions; and asset freeze pending further investigation. Noticees must provide full asset inventories within 15 days. The order permits closing existing derivative positions within three months and directs SEBI to complete detailed investigation expeditiously.
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