Mumbai9 minutes ago
- Copy link
Patel Wealth Advisors Private Limited made fake orders in 173 companies from 2019 to 2025.
SEBI has revealed the company that makes illegal profits by imposing fake orders to trap investors in the stock market.
Market Regulator SEBI has ordered Patel Wealth Advisors Private Limited (PWAPL) an interim order to refund illegal earnings of Rs 3.22 crore, banning trading on charges of order spoofing (fraud).
Also, 4 directors of the company have also been banned from the stock market. SEBI has taken this action through interim order (hearing without convicts). Now the company will be detailed.
Understand the whole matter in 3 points
- PWAPL put fake orders in 173 companies for 292 days in 173 companies from 2019 to 2025.
- False orders led to a fake boom in the poets of companies. Due to this, investors felt that the demand for stock had increased and the retailers invested.
- After the share price increased, the accused canceled the false order and recovered a profit of Rs 3.22 crore. In this way, this fraud was done with investors 621 times.
Money will have to be returned within 15 days
SEBI has ordered Pwapl to be returned within 15 days with Rs 3.22 crore, 12% annual interest.
Pwapl has been banned from trading from its account. Along with this, the directors of the company Rahul Patel, Nikunj Patel and Harsh Patel were banned from joining any stock broker or investment advisor.
SEBI said PWAPL cheated investors
In the case, SEBI’s hole-time member Kamlesh Varshney said that Pwapl has arbitrarily influenced the market prices and cheated investors. This practice is dangerous for the market.
