Sebi levies Rs 2.64 cr penalty on 20 individuals for manipulating share price of Quasar India

Oct 31, 2025

Markets regulator Sebi on Friday imposed penalties totalling Rs 2.64 crore on 20 individuals in the matter of price and volume manipulation in the scrip of Quasar India Ltd.

The regulator slapped penalties totalling Rs 2.5 crore on 18 individuals to be paid by them jointly and severally. It also levied a fine of Rs 7 lakh each on Mrugesh Natwarlal Ruparel and Arpit Piyushbhai Shah.

"The 18 entities (Noticees 1 to 18) and noticees 19 (Mrugesh Ruparel) and 20 (Arpit Shah) were found to be connected to each other and were indulged in generating the volume in the scrip of Quasar resulting in price rise of the scrip.

"Further, the entities viz the 1 per cent shareholders of Quasar in connivance with other entities were key perpetrators in manipulating the scrip of Quasar and thus misled the investors into investing in scrip of Quasar which otherwise was very thinly traded," Sebi's adjudicating officer Amit Kapoor said in the order.

Kapoor added these indviduals collectively made a profit of Rs 1.96 crore by trading in the scrip of Quasar during the investigation period.

Therefore, the allegation that Noticees 1 to 18 have violated the provisions of Prohibition of Fraudulent and Unfair Trading Practices (PFUTP) regulations, stands established, Sebi said.

[The Economic Times]