https://www.taxtmi.com/caselaws?id=464552 Liability for market manipulation under the PFUTP regime requires proved participation in a fraudulent scheme; mere association, linkage, or conjecture is insufficient. On the facts discussed, no.3's charge failed because there was no evidence of trades, price manipulation, or a proved conspiracy, while no.5 and no.6 were found to have engaged in manipulative and fraudulent trading by repeatedly placing buy orders above the last traded price in an illiquid scrip. No.2's alleged participation in the scheme was not established, but the separate failure to make mandatory disclosures in the prescribed form under the PIT Regulations was upheld. The broker's role was treated as facilitative rather than neutral, and the manipulation finding against no.7 was sustained. en-us Wed, 07 Jun 2023 00:00:00 +0530 Tue, 04 Nov 2025 20:06:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464552 Liability for market manipulation under the PFUTP regime requires proved participation in a fraudulent scheme; mere association, linkage, or conjecture is insufficient. On the facts discussed, no.3's charge failed because there was no evidence of trades, price manipulation, or a proved conspiracy, while no.5 and no.6 were found to have engaged in manipulative and fraudulent trading by repeatedly placing buy orders above the last traded price in an illiquid scrip. No.2's alleged participation in the scheme was not established, but the separate failure to make mandatory disclosures in the prescribed form under the PIT Regulations was upheld. The broker's role was treated as facilitative rather than neutral, and the manipulation finding against no.7 was sustained. Case-Laws SEBI Wed, 07 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464552