https://www.taxtmi.com/caselaws?id=272018 Fraudulent or manipulative trading in illiquid scrips may be established by circumstantial evidence and the preponderance of probabilities under the SEBI framework, where the totality of trading patterns points to a concerted course of conduct creating a false appearance of market activity or affecting price. Repeated synchronized or circular orders, close buy-sell proximity, heavy volume, and persistent trading patterns are material indicators. On the proved facts, liability was not made out against one broker because the evidence showed only a vigilance lapse, but liability was sustained against the remaining respondents because the surrounding circumstances justified an inference of manipulation. The natural justice challenge failed because the trade-log extracts disclosed the relevant pattern and no prejudice from withheld material was shown. en-us Tue, 23 Feb 2016 00:00:00 +0530 Tue, 16 Sep 2025 15:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272018 Fraudulent or manipulative trading in illiquid scrips may be established by circumstantial evidence and the preponderance of probabilities under the SEBI framework, where the totality of trading patterns points to a concerted course of conduct creating a false appearance of market activity or affecting price. Repeated synchronized or circular orders, close buy-sell proximity, heavy volume, and persistent trading patterns are material indicators. On the proved facts, liability was not made out against one broker because the evidence showed only a vigilance lapse, but liability was sustained against the remaining respondents because the surrounding circumstances justified an inference of manipulation. The natural justice challenge failed because the trade-log extracts disclosed the relevant pattern and no prejudice from withheld material was shown. Case-Laws Companies Law Tue, 23 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272018