Market manipulation remains one of the most closely monitored breaches under Indian securities law. On 28 July 2026, the Securities and Exchange Board of India (SEBI) issued an adjudication order addressing alleged market manipulation in the listed scrip of Akash Infra-Projects Limited.
While the order text provided contains limited detail on the specific findings, violations and directions, this announcement signals continued regulatory focus on trading conduct, price discovery integrity and disclosure obligations that bind all listed entities and their promoters, insiders and connected persons. For any business with listed securities or market-participant intermediaries, understanding how SEBI approaches such cases is essential to recognising the boundary between legitimate promotional activity and conduct that crosses into manipulation.
What SEBI found
On 28 July 2026, SEBI's Adjudication Officer issued a formal enforcement order in the matter of market manipulation allegations concerning Akash Infra-Projects Limited. Adjudication Orders represent SEBI's final determination after investigation and hearing, and are binding on the parties.
The order addresses market manipulation in the scrip (share) of Akash Infra-Projects Limited. Market manipulation under the Securities and Exchange Board of India Act, 1992 and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 includes creating a false or misleading impression of demand, supply, price or volume, or employing any device, scheme or artifice to defraud or manipulate the market.
Akash Infra-Projects Limited, as a listed entity, falls under SEBI's direct supervision. All listed companies, their promoters, officers, and connected persons are subject to market conduct rules and insider trading prohibitions regardless of sector or market capitalisation.
This order demonstrates that SEBI's enforcement machinery remains active in detecting and prosecuting conduct that distorts fair price discovery. For listed companies and their promoters, the case underscores that trading in one's own scrip, coordinated buying or selling, circulated rumours, or any pattern of activity designed to artificially move the price will attract investigation and formal enforcement action. Intermediaries—brokers, merchant bankers, registrars and depository participants—must also maintain systems to identify and report suspicious trading patterns under their Market Abuse Regulation obligations. At Vinayakam Consultants, we work with listed companies and their boards to map insider trading policies, connected-party transaction approvals, and market conduct monitoring so that promotional activity, capital raising and market communication stay well within regulatory lines.
Your action checklist
- Review your company's insider trading policy and connected-person trading restrictions; confirm they prohibit coordinated or pattern-based trading in the scrip
- Audit all promotional activity, press releases, investor presentations and social media communication for claims that could be construed as creating false impressions of demand or price momentum
- If your company operates through multiple entities or has promoter groups, document the legitimate business rationale for any material trades in your own scrip and retain contemporaneous records
- Brief your board, audit committee and compliance officer on what constitutes market manipulation; ensure your whistleblower policy covers trading and price-sensitive conduct
- If you are a broker, exchange member or market infrastructure firm, review your transaction monitoring systems for gaps in detecting volume surges, coordinated buy-sell patterns, or orders placed without execution intent
Frequently asked questions
Market manipulation includes creating false impressions of demand, supply, price or volume, or using schemes to defraud or manipulate the market, as defined under the SEBI Act, 1992 and SEBI Regulations, 2003.
A SEBI adjudication order is the final enforcement determination issued by SEBI's Adjudication Officer after investigation and hearing, and is binding on all parties involved.
SEBI monitors market manipulation closely to maintain price discovery integrity, protect investor interests, and ensure all listed entities comply with trading conduct and disclosure obligations.