SEBI bars 39 entities in major share manipulation case. India's Securities and Exchange Board has taken decisive action against coordinated manipulation of RRP Semiconductor shares, which surged over 700 times in just 19 months. The stock climbed from 15 rupees in April 2024 to 10,887 rupees by October 2025, a dramatic rise unsupported by company fundamentals. Investigators uncovered an elaborate scheme involving promoters, preferential allottees, and trading entities working in coordination to artificially inflate prices. A network of entities placed minuscule sell orders while consistently buying at upper circuit limits, creating false market momentum. The regulator identified Rajendra Chodankar as holding 74.5 percent of shares post-allotment, with family members also receiving preferential allocations.
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