SEBI fines four over Telegram tips in Moksh Ornaments scrip

The Enforcement Action

The Securities and Exchange Board of India (SEBI), through Adjudicating Officer Jai Sebastian, passed an adjudication order on 30 July 2026 imposing monetary penalties totalling Rs 55 lakh on four people the regulator found had circulated misleading buy recommendations in the shares of Moksh Ornaments Limited (MOL) on Telegram channels. The order carries reference number Order/JS/YK/2026-27/32530-32542 and was passed under section 15-I of the SEBI Act, 1992, read with Rule 5 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995.

The penalties fall on Amesh Surajlal Jaiswal (Rs 20 lakh), Jalaj Agrawal (Rs 15 lakh), Arvind Shukla (Rs 10 lakh) and Aviral Saxena (Rs 10 lakh). MOL is listed on the National Stock Exchange. The order flows from a show-cause notice dated 18 June 2025 issued to 13 noticees after SEBI investigated stock tips circulated on Telegram during the period 31 May 2021 to 31 March 2022.

In a notable feature of the order, SEBI disposed of the proceedings against the other nine noticees, including the party the regulator's notice had initially identified as the main figure in the alleged scheme, without imposing any penalty. The order therefore penalises those SEBI found had posted the misleading messages, while clearing the parties on the trading side of the case. There is no public response from the penalised parties on record at the time of writing; the order records the replies they filed during the proceedings.

How the Scheme Worked

According to the order, SEBI's investigation began after it examined certain scrips in which stock recommendations were circulated on Telegram. During search and seizure operations, the regulator seized the digital device of Jalaj Agrawal, described in the order as a middleman or operator. Analysis of the extracted data, SEBI states, showed messaging exchanges and buy recommendations in the MOL scrip.

The order records that messages exchanged on 1 February 2022 concerned a buy recommendation in MOL "containing entry price, stop loss, buy quantity and target prices". SEBI states these messages carried the claim of "at least 40-50% return in 5-7 days". The regulator alleges the tips were posted in Telegram channels on 31 January 2022 and 1 February 2022, with two of the noticees, Arvind Shukla and Aviral Saxena, said to have posted the messages in their own Telegram channels in lieu of cash. SEBI adds that call data records showed frequent contact, including 172 calls between two of the noticees.

SEBI's original allegation, as set out in the order, was that the first noticee accumulated MOL shares and offloaded them after the misleading messages were circulated, in collusion with Amesh Jaiswal, while other noticees aided the offloading. That framed a classic pump-and-dump pattern, in which coordinated buy tips lift a thinly traded scrip so that pre-accumulated shares can be sold to incoming retail buyers at inflated prices.

However, the adjudicating officer did not uphold the trading-side manipulation charge. The order notes the first noticee "had already purchased and sold more than 1.95 crore shares of MOL" before the messages were disseminated, and that many disposals were made after the price had already declined. On the standard of preponderance of probability, SEBI concluded the trading allegations against the first nine noticees were not established, and disposed of the notice against them without penalty. The penalties therefore rest on the posting of the misleading tips, not on the trading.

The Law Invoked

The show-cause notice alleged violations of sections 12A(a), (b) and (c) of the SEBI Act, which prohibit the use of fraudulent, manipulative or deceptive devices in dealing in securities. It also cited regulations 3(a) to (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. Regulation 3 bars dealing in securities through fraudulent means, while regulation 4(2)(k) addresses disseminating misleading information and 4(2)(r) addresses inducing others to deal on the basis of false or misleading statements.

The penalties were imposed under section 15HA of the SEBI Act, which provides for a penalty for indulging in fraudulent and unfair trade practices, and, for Amesh Jaiswal, additionally under section 15HB, a residuary penalty provision. SEBI also concluded that Jaiswal had contravened section 11C(5) of the SEBI Act, which obliges a person to appear before and furnish information to the investigating authority.

The order specifies that the penalties must be paid within 45 days, failing which recovery proceedings may follow under section 28A of the SEBI Act, which allows attachment and sale of movable and immovable property to realise the amount along with interest.

What Happens Next

An order of a SEBI adjudicating officer is not the final word. Under section 15T of the SEBI Act, a person aggrieved by such an order may appeal to the Securities Appellate Tribunal, ordinarily within 45 days, and a SAT ruling may in turn be carried to the Supreme Court on a question of law. The findings recorded against the four penalised parties are, accordingly, subject to that appellate process.

The order sets a 45-day window for payment of the penalties through SEBI's online facility. If the amounts are not paid, the regulator has flagged recovery under section 28A, which can extend to attachment and sale of assets. For the nine noticees against whom the notice was disposed of without penalty, the adjudication proceedings on these allegations conclude at this stage.

Because this is a regulatory adjudication rather than a criminal trial, no finding of criminal guilt arises from it. The penalised parties remain entitled to test SEBI's findings on appeal, and nothing in the order predetermines the outcome of any appeal that may be filed.

What It Means

The order is a useful illustration of how SEBI now treats stock tips circulated on messaging platforms. The regulator's position is that posting buy calls promising fixed, rapid gains, here framed as "at least 40-50% return in 5-7 days", can attract penalties under the fraud regulations even where the poster is not shown to have traded in the scrip. The precise, target-priced format of such tips is a recognisable pattern that ordinary investors can learn to distrust.

There is a practical, protective takeaway. Unsolicited Telegram or messaging-app tips that guarantee outsized returns in days are a documented warning sign. SEBI-registered research analysts and investment advisers must disclose their registration and cannot promise assured returns. Investors can verify whether a person offering advice is registered by checking SEBI's public lists of registered intermediaries on its website before acting on any recommendation.

Equally instructive is that SEBI did not penalise every noticee. The order shows the regulator distinguishing between those it found had spread misleading messages and those against whom the trading-manipulation charge was not established on the evidence. For readers, that is a reminder that an allegation in a show-cause notice is not a finding, and that each party's role is assessed on its own facts.

FAQ

What exactly did SEBI order?

SEBI's adjudicating officer imposed penalties totalling Rs 55 lakh on four individuals for posting misleading buy recommendations in Moksh Ornaments shares on Telegram, per the order dated 30 July 2026. Proceedings against nine other noticees, including the party initially alleged to be the main figure, were disposed of without penalty.

Does this mean the penalised people are guilty of a crime?

No. This is a civil regulatory adjudication, not a criminal conviction. SEBI's adjudicating officer recorded findings under securities regulations, and those findings are appealable to the Securities Appellate Tribunal. The parties remain entitled to challenge the order, and no criminal guilt is established by it.

Can the order be appealed?

Yes. An order of a SEBI adjudicating officer can be appealed to the Securities Appellate Tribunal under section 15T of the SEBI Act, ordinarily within 45 days of receipt, and a SAT decision can be taken to the Supreme Court on a question of law.

How can I check if someone giving stock tips is registered?

SEBI maintains public lists of registered research analysts, investment advisers and other intermediaries on its website. A registered adviser must disclose the registration number and cannot promise assured or fixed returns. Unsolicited tips guaranteeing large gains within days are a warning sign worth heeding.

Where can I read the official order?

The full 85-page adjudication order is published on SEBI's website under Enforcement, Orders, Orders of the Adjudicating Officer, carrying reference number Order/JS/YK/2026-27/32530-32542 dated 30 July 2026.

This report is based on the official SEBI adjudication order dated 30 July 2026 in the matter of market manipulation using social media in the scrip of Moksh Ornaments Limited.