Entities Banned by SEBI
221
Up to 7 Years
SEBI barred 221 entities from accessing securities markets for periods
extending up to seven years after uncovering a coordinated pump-and-dump scheme.
Key Individual Penalty
₹10 Cr
Hanif Shekh Fined
Hanif Shekh, identified as a central operator in the alleged manipulation
network, was fined ₹10 crore as part of SEBI's enforcement order.
LIC Shareholding
~11%
Held for Several Years
LIC maintained a stake of roughly 11% in the gold retailer for a few
years, making it one of the largest institutional holders caught in the fallout.
Investors Affected
~2 Lakh
Shareholders Impacted
Nearly 2 lakh investors held a stake in the company at the time the
stock came under scrutiny and prices tumbled.
5-Year Stock Decline
80%+
Value Erosion
Shares of the gold retailer fell more than 80% over the last five
years, eroding value for long-term retail and institutional holders alike.
Market Reaction
Sharp Fall
Within Hours of News
Once the SEBI action became public, the stock dropped sharply within
hours, as investors rushed to reassess exposure to the company.