The Securities Appellate Tribunal (SAT) has directed two entities accused of cross-segment market manipulation to cumulatively deposit Rs 10 crore in a bank account with a lien in favour of the Securities and Exchange Board of India (SEBI), allowing them to sell securities and operate their bank accounts to make the deposit.
In an order dated October 5, the tribunal passed the directions while hearing appeals filed by Prrsaar Sampada Private Limited and Chaubara Eats Private Limited against an interim order-cum-show cause notice issued by SEBI's whole-time member on September 16, 2026.
The market regulator had frozen the entities' demat and bank accounts until Rs 28.12 crore was deposited in a bank account with a lien marked in SEBI's favour. The entities challenged the action, arguing that they had been debarred from undertaking proprietary trades over allegations of cross-segment market manipulation.
During the hearing, the entities offered to deposit 50 percent of Rs 11.37 crore. However, SEBI's counsel argued that the amount of unlawful gains was Rs 28.12 crore.
The tribunal noted that the investigation was still in progress and it was not possible to record a definite finding on the amount sought to be impounded at this stage.