SEBI fines three Rs 20 lakh over Akash Infra Telegram tips scheme

The Enforcement Action

The Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 20 lakh, to be paid jointly and severally, on three individuals it found had run a coordinated buy-recommendation scheme on Telegram in the shares of Akash Infra-Projects Limited (AIPL). The penalty is set out in an adjudication order dated 28 July 2026 (Order No. Order/AK/DS/2026-27/32515-32527), passed by Adjudicating Officer Amit Kapoor at Mumbai.

The three on whom the penalty falls are, in the roles the order assigns them, Amesh Surajlal Jaiswal, Jalaj Agrawal and Arvind Shukla, described in the order as Noticees 6, 7 and 8. SEBI found that they "acted in a coordinated manner to execute a manipulative scheme" by circulating stock tips through Telegram channels between 11 and 18 February 2022, inducing retail investors to buy AIPL shares. The penalty is imposed under Section 15HA of the SEBI Act, 1992.

The order arose from a wider investigation into 13 noticees, including the company's promoters, directors, certain net sellers and professional consultants. SEBI found that the allegations against the other ten noticees, including the promoters and directors, did not stand for want of sufficient evidence, and no penalty was imposed on them. A SEBI adjudication order is a regulatory finding and is appealable to the Securities Appellate Tribunal (SAT).

During the proceedings the named parties responded. Noticee 7 submitted that his statement had been recorded "under coercion and threat" and was inadmissible; the Adjudicating Officer recorded this and found it "an after-thought, and not acceptable". Noticee 6 contended it was illogical to have paid a large sum to move the scrip for a minor personal gain, a submission the order did not accept.

How the Scheme Worked

Per the order, SEBI investigated "market manipulation in the scrip of Akash Infra-Projects Limited" over the period 1 November 2021 to 1 July 2022. The regulator's case centred on what the order calls a "coordinated scheme of posting buy recommendations on Telegram channels" during a short window it terms the "Telegram recommendation phase", running from 11 to 18 February 2022.

According to the order, stock tips in the AIPL scrip were circulated 29 times across several Telegram channels with very large followings, including "Sure means Sure" (around 9 lakh subscribers) and "Intraday Trading Equity Stock". The messages, the order records, used phrases such as "upper circuit in 3 days" and "40% returns in 7 days", and urged subscribers to buy 2,000 to 5,000 shares within a price band of about Rs 196 to Rs 210. SEBI found these statements were "falsely creating an impression that the scrip of AIPL was doing extremely well" so as to induce buying.

The order describes a chain of instruction established through call records, WhatsApp chats extracted from a seized device, and bank statements. It found that Noticee 6 forwarded the recommendations and instructions to Noticee 7, who in turn instructed Noticee 8 to post them on the Telegram channels that Noticee 8 admitted operating. The order notes that Noticee 7 received Rs 5 lakh routed from a company connected to Noticee 6, and that Noticee 8 admitted receiving a commission of "Rs. 20,000/- to Rs. 30,000/- per day" for posting the pre-drafted messages.

SEBI found the postings moved the stock. It recorded that the number of public shareholders rose about 3.16 times, from 1,639 on 11 February 2022 to 5,185 on 18 February 2022, and that unique traders in the scrip jumped from 508 in the preceding ten days to 6,690 during the phase. The price rose 5.21% on a close-to-close basis, from Rs 191.80 to Rs 201.80. After the recommendations stopped, the order notes, the price slid to a low of Rs 23.65 by 1 July 2022. The matter followed a show-cause notice dated 29 April 2025 and personal hearings through mid-2026, and settlement applications filed by seven of the noticees were rejected.

The Law Invoked

The order records that the show-cause notice alleged violations of Section 12A(a), 12A(b) and 12A(c) of the SEBI Act, 1992, read with Regulations 3(a), 3(b), 3(c) and 3(d) and 4(1), 4(2)(a), 4(2)(k) and 4(2)(r) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (the PFUTP Regulations).

Section 12A of the SEBI Act prohibits the use of manipulative or deceptive devices, and any scheme or artifice to defraud, in connection with dealing in listed securities. The PFUTP provisions cited bar dealing in securities in a fraudulent manner and, specifically at Regulation 4(2)(k) and 4(2)(r), the dissemination of information the disseminator knows to be false or misleading, and the knowing planting of false or misleading news that may induce the purchase or sale of securities. The order found these violations established against Noticees 6, 7 and 8.

The penalty itself is imposed under Section 15HA of the SEBI Act, which provides for a penalty of not less than Rs 5 lakh, extending to Rs 25 crore or three times the profits made, whichever is higher, for fraudulent and unfair trade practices. In fixing the amount the Adjudicating Officer referred to the factors in Section 15J of the Act and to the Supreme Court's judgement in SEBI vs. Bhavesh Pabari (2019) 5 SCC 90.

What Happens Next

The order gives Noticees 6, 7 and 8 forty-five days to pay the Rs 20 lakh penalty through SEBI's online facility. If they do not, the order states, SEBI "may initiate consequential actions including but not limited to recovery proceedings" under Section 28A of the SEBI Act, which allows attachment and sale of movable and immovable property to realise the amount with interest.

A SEBI adjudication order is not the final word. It is appealable to the Securities Appellate Tribunal, and from there, on a question of law, to the Supreme Court. The parties named may test the findings through that route. The order records that the three penalised had been penalised earlier under Section 15HA, a factor the Adjudicating Officer weighed while fixing the amount.

For the other ten noticees, including AIPL's promoters and directors, the order closes the matter: SEBI found the allegations against them unproven and imposed no penalty. As a regulatory finding rather than a criminal conviction, the order does not by itself brand anyone a criminal; it records a civil violation carrying a monetary penalty, and it remains subject to appeal.

What It Means

For ordinary investors, the order is a documented case study in how "hot tip" channels can be used to move a small-cap stock. The pattern the order describes, a quiet scrip suddenly promoted with promises of an "upper circuit" and "40% returns", a burst of new shareholders, a brief price spike and then a long slide to a fraction of the peak, is the classic shape of a pump-and-dump as SEBI's investigators reconstruct it. The investors drawn in near the top, the order's own data suggests, were the ones left holding shares as the price fell towards Rs 23.65.

The practical takeaway is simple and protective. Unsolicited buy calls on Telegram, WhatsApp or YouTube promising fixed or time-bound returns are a warning sign, not an opportunity, and genuine advisers do not guarantee "40% in 7 days". Before acting on any tip, investors can verify whether the person giving advice is a SEBI-registered investment adviser or research analyst using the registration lists on the SEBI website, and can check a company's real disclosures in its exchange filings rather than a forwarded message. SEBI's willingness to trace channels to their operators through call and bank records also shows that such schemes leave a trail that can be reconstructed long after the messages are deleted.

FAQ

What exactly did SEBI order?

SEBI imposed a penalty of Rs 20 lakh, payable jointly and severally, on three individuals (Noticees 6, 7 and 8) under Section 15HA of the SEBI Act, after finding they ran a coordinated Telegram buy-recommendation scheme in the shares of Akash Infra-Projects Limited between 11 and 18 February 2022. The order is dated 28 July 2026.

Were all thirteen noticees penalised by SEBI?

No. SEBI investigated 13 noticees but found violations established against only three. A SEBI adjudication order records findings reached after the regulator's own proceedings, not a criminal conviction, and it is appealable. SEBI held that the allegations against the other ten noticees, including the company's promoters and directors, did not stand for lack of sufficient evidence, and they face no penalty.

Can the order be appealed?

Yes. A SEBI adjudication order is appealable to the Securities Appellate Tribunal (SAT), and from SAT, on a question of law, to the Supreme Court. The three penalised parties have 45 days to pay, failing which SEBI may begin recovery under Section 28A of the SEBI Act.

How can I check if a stock tip or adviser is genuine?

Only SEBI-registered investment advisers and research analysts may give investment advice for a fee. You can verify registration on the SEBI website's registered-intermediaries lists. Treat any Telegram or WhatsApp message promising a guaranteed "upper circuit" or a fixed percentage return within days as a red flag, and rely on official exchange filings instead.

Where can I read the official order?

The full adjudication order dated 28 July 2026 is published on the SEBI website under Enforcement, Orders, Orders of AO, and can be read on the SEBI site.

This report is based on the official SEBI adjudication order dated 28 July 2026. It was surfaced via coverage carried on Google News.