The Securities and Exchange Board of India (SEBI) has conducted search operations at the premises of promoter-directors of R M Drip and Sprinklers Systems Limited and R&B Denims Limited, the companies said in respective exchange filings.
The Nashik-based micro-irrigation equipment maker said the searches were carried out on April 22–23, 2026, pursuant to an order issued by a Special Judge under Section 11C(9) of the SEBI Act, 1992. The proceedings commenced early on April 22 and continued into the early hours of the next day.
It said the action is part of regulatory proceedings and that it has not been informed of any specific violations at this stage. The company said that the development currently has “no material impact” on its financials, operations or other activities, and that it will make further disclosures as required under listing norms.
Similar action at R&B Denims
A similar disclosure was made by R&B Denims, which also said that the searches were conducted at the premises of its promoter-directors under the same legal provisions.
Probe linked to suspected stock manipulation
Sources familiar with the matter indicated that the searches are part of an ongoing probe into suspected stock price manipulation and alleged pump-and-dump activity in select SME-listed stocks, though no formal findings have been made public so far.
The search operations were conducted across multiple locations, with officials seizing documents and electronic records that could aid the investigation, sources said. However, no formal findings or charges have been made public so far.
Heightened scrutiny on SME listings
The developments come amid heightened regulatory scrutiny of SME platform listings, amid sharp price movements and trading patterns that have drawn the market regulator’s attention in recent months.