The (SEBI) has barred seven members of the Gupta family for allegedly running a coordinated social media-based stock manipulation scheme through recommendations on the X, WhatsApp and Telegram channels.
SEBI has alleged that the entities first bought SME stocks, in their own and connected accounts, promoted the stocks aggressively on social media to attract retail investors, and then sold the shares after prices rose.
SEBI has restrained all seven noticees from buying, selling or dealing in securities, directly or indirectly, until further orders. SEBI further ordered impounding of ₹20.25 crore in alleged unlawful gains and directed banks to ensure that debits from the noticees’ accounts do not exceed the impounded amount.
The regulator said the scheme operated across 82 stocks between December 2023 and January 2026 and generated “prima facie wrongful gains” of ₹20.25 crore.
The family members were Hemant Gupta, Rohan Gupta, Aniket Gupta, Sharon Gupta, Leana Gupta, Rajani Gupta and Purvangi Gupta.
“This is an interim order being passed during pendency of investigation as it has been noted that noticees had prima facie engaged in fraud, manipulation and unfair trade practices,” SEBI said in its 234-page order.
SEBI said it carried out search and seizure operations at the noticees’ premises in January 2026 after obtaining court approval. Electronic devices, chat records and trading data were seized during the probe.
The regulator alleged that Hemant Gupta, Rohan Gupta and Aniket Gupta acted as “operators” who ran social media accounts and groups, while also managing trading accounts of connected beneficiaries.
The order said the X accounts @WealthSolitaire and @desiwallstreet, operated by Rohan Gupta and Aniket Gupta respectively, had around 13,600 and 40,500 followers. The family also allegedly operated several WhatsApp and Telegram groups with thousands of members and subscribers.
The regulator has detailed several instances to illustrate the alleged modus operandi. In one example involving SME-listed Afcom Holdings, SEBI alleged that the group accumulated shares before launching a social media campaign through tweets and Telegram messages praising the company and projecting strong returns.
SEBI’s analysis showed that the combined gross trade value of the seven noticees rose from ₹548.62 crore in the pre-examination period to ₹1,023.40 crore during the examination period, while the combined squared-off profits rose from ₹17.06 crore to ₹58.40 crore.
The regulator has alleged violations of the SEBI Act and PFUTP Regulations. It has also alleged that Hemant Gupta, Rohan Gupta and Aniket Gupta violated Research Analyst Regulations by giving stock recommendations without registration.