On 30 July 2026, India's Securities and Exchange Board of India (SEBI) issued an Adjudication Order addressing market manipulation in the equity scrip of Moksh Ornaments Limited. The case centred on the use of social media platforms to artificially influence the price and volume of the company's shares.
This order is significant for any listed company, promoter, trader or market intermediary using digital channels to communicate about securities—it clarifies SEBI's enforcement stance on co-ordinated online messaging campaigns that lack disclosure or fair foundation.
What SEBI found
The Adjudication Officer found that social media channels were deployed to artificially move the market price and trading volume of Moksh Ornaments Limited shares. This finding brings online communication platforms within the definition of 'market manipulation' under the Securities and Exchange Board of India Act, 1992, and the regulations framed thereunder.
SEBI's enforcement action demonstrates that the regulator monitors and acts on market-moving statements made via social media with the same rigour applied to press releases, stock exchange filings or broadcast media. Promotional posts, group chats, or influencer campaigns about a listed scrip now fall within enforcement jurisdiction.
The Adjudication Order was issued on 30 July 2026 under SEBI's enforcement and adjudication powers. The order is binding on all parties named and establishes precedent for how SEBI will treat similar conduct in future cases.
For Indian listed companies and their promoters, this order is a clear signal: social media is not a free-speech zone. Any co-ordinated campaign to publicise a company's scrip, especially if designed to move price or volume without factual foundation or proper disclosure, will be investigated and penalised. Intermediaries—brokers, advisors, investor relations consultants—must counsel clients that WhatsApp groups, Twitter/X campaigns, YouTube videos and LinkedIn posts about listed securities carry the same compliance burden as regulated disclosures. The line between investor communication and market manipulation is not the platform; it is the intent and effect. Vinayakam Consultants regularly advises listed companies on digital disclosure governance and social media policy frameworks—we help you design communication protocols that keep you within SEBI's lines while preserving legitimate market feedback.
Your action checklist
- Audit all social media accounts and messaging channels (WhatsApp, Telegram, LinkedIn, Twitter, Facebook, Instagram, YouTube) used by the company, promoters, and key management personnel to identify any posts, shares or group messages about the company's equity scrip made in the past 12 months.
- Establish a written social media policy for listed entity communications that mandates: (a) all market-moving statements are first filed with the stock exchange as material announcements; (b) social media posts are factual, sourced, and pre-approved by the Compliance Officer; (c) no co-ordinated campaigns to boost price or volume without disclosure.
- Restrict promotion of the equity scrip to designated channels (official company website, stock exchange filings, official social media accounts) and require sign-off by the Company Secretary or Compliance Officer before any post goes live.
- Train promoters, directors, KMPs and investor relations staff on the distinction between permitted investor relations messaging and prohibited market manipulation, with real examples of what SEBI has enforced.
- Institute quarterly audits of social media content and external monitoring of online discussions mentioning the company's scrip to detect unauthorised or misleading promotion.
Frequently asked questions
Yes. SEBI's Adjudication Officer issued enforcement action against Moksh Ornaments Limited for using social media to artificially influence share price and volume, confirming that digital channels fall within SEBI's market manipulation enforcement scope.
Co-ordinated social media campaigns, promotional posts, group chats, or influencer campaigns about listed scrips that lack disclosure or fair foundation are now treated as market manipulation with the same rigour as press releases and stock exchange filings.
Listed companies and promoters must ensure all social media communications about their scrip are disclosed, have fair foundation, and are not part of co-ordinated campaigns to artificially move market price or volume, as SEBI actively monitors digital channels.