SEBI Slams Market Manipulation: Notice of Demand Issued Against Individual Over Quasar India Stock Price Abuse
In a decisive action against market misconduct, the Securities and Exchange Board of India (SEBI) has issued a formal Notice of Demand dated June 10, 2026. The notice targets Mr. Arpit Piyushbhai Shah regarding allegations of price and volume manipulation involving the scrip of Quasar India Limited. This regulatory action signals SEBI's commitment to maintaining market integrity and holding individuals accountable for illicit trading practices in Indian equities.The demand concerns proceedings conducted under Section 28A of the Securities and Exchange Board of India Act, 1992, read with Section 222 of the Income Tax Act, 1961. The notice specifies a total recovery amount owed by Mr. Shah to SEBI.
Financial Demands Arise Over Price Manipulation in Quasar India Limited
The total sum demanded from Mr. Arpit Piyushbhai Shah amounts to ₹7,57,000/- (Rupees Seven Lakh Fifty-Seven Thousand). This figure comprises penalties imposed by the Adjudicating Officer and accrued costs. The penalty alone, related to the price and volume manipulation in Quasar India Limited, stands at ₹7,00,000.00.The financial dues also include interest amounting to ₹56,000.00. This interest has been calculated from November 2025 up to June 2026 at the rate of 1% per month. A minimal recovery cost of ₹1,000.00 is also part of the total demanded amount.
Consequences and Compliance Directives from SEBI
Mr. Shah has been formally directed to remit the full demanded amount within 15 days of receiving this Notice of Demand. Payments can be made through direct credit via EFT/NEFT/RTGS to A/c No. SEBIRRDPEN9150 of ICICI Bank (IFSC code -ICIC0000106).Failure to comply with the payment directive will trigger severe coercive actions by the Recovery Officer. If the dues are not paid, SEBI reserves the right to recover the funds using several stringent measures. These methods include the attachment and sale of movable property, the attachment and sale of immovable property, or arrest and detention in prison.
Furthermore, the notice issues a critical advisory regarding transactional capabilities. Upon service of this notice, Mr. Shah is advised that he is not competent to mortgage, charge, lease or otherwise deal with any personal property. Any such transfer without permission from the Recovery Officer will be deemed void as per regulatory rules.
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.