The action stems from SEBI's investigation into a broader market manipulation scheme involving social media platforms, particularly Telegram channels, during the period between 31 May 2021 and 31 March 2022. According to the regulator, misleading buy recommendations for Moksh Ornaments shares were circulated on 31st January and 1 February 2022 to induce retail investors to purchase the stock.
SEBI's investigation began after search and seizure operations recovered digital evidence from Jalaj Agrawal's devices. Analysis of the extracted data allegedly revealed that Amesh Jaiswal supplied the stock-recommendation messages, which Jalaj Agrawal then forwarded to the Telegram channel operators Arvind Shukla and Aviral Saxena for wider dissemination. The messages contained entry prices, stop-loss levels, target prices and claims of 40% to 50% returns within five to seven days.
During the investigation, Jalaj Agrawal stated that Amesh Jaiswal had approached him to promote the Moksh Ornaments stock and that he, in turn, forwarded the messages to Arvind Shukla and Aviral Saxena for posting across multiple Telegram channels. He also admitted receiving payments from Amesh Jaiswal, while Arvind Shukla acknowledged receiving cash payments for posting recommendations and deleting messages after market close on Jalaj Agrawal's instructions. Aviral Saxena similarly admitted to posting the recommendations received from Jalaj Agrawal and receiving cash payments for doing so.
SEBI also relied on WhatsApp chats, call detail records and statements recorded during the investigation. According to the order, Amesh Jaiswal and Jalaj Agrawal exchanged more than 170 calls over the two days when the recommendations were circulated. The regulator also found frequent communication between Jalaj Agrawal and both Arvind Shukla and Aviral Saxena during the same period.
The regulator observed that the misleading Telegram messages had a significant impact on trading activity in the stock. The closing price of Moksh Ornaments rose by about 9.09% over the two days when the recommendations were circulated, while trading volumes and the number of trades surged sharply. However, after the promotional messages, the stock price declined steadily, falling from ₹36.35 on 1 February 2022 to ₹17.55 on 28 February 2022, a drop of nearly 52% in just 19 trading sessions.
SEBI further noted that the number of public shareholders almost doubled within days of the Telegram campaign, increasing from 11,229 before the recommendations to 22,248 three days later. On a quarterly basis, public shareholders increased from 3,849 as of December 2021 to 23,483 by the end of March 2022.
Based on the evidence, SEBI concluded that Amesh Jaiswal, Jalaj Agrawal, Arvind Shukla and Aviral Saxena had colluded to disseminate misleading buy recommendations through Telegram channels with the objective of inducing investors to buy Moksh Ornaments shares. The regulator held that their conduct violated the provisions of the SEBI Act and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations. It also found that Amesh Jaiswal failed to comply with summons issued during the investigation by not appearing before the investigating authority.
Accordingly, SEBI imposed penalties of ₹20 lakh on Amesh Surajlal Jaiswal, ₹15 lakh on Jalaj Agrawal, and ₹10 lakh each on Arvind Shukla and Aviral Saxena, taking the total monetary penalty in the case to ₹55 lakh.
SEBI Bars Kalahridhaan Trendz, 3 Directors for up to 2 Years, Imposes ₹1 Crore Penalty over Misleading Disclosures
Moneylife Digital Team
31 July 2026
Market regulator Securities and Exchange Board of India (SEBI) has imposed a total penalty of ₹1 crore on Kalahridhaan Trendz Ltd (KTL) and three of the company directors Niranjan D Agarwal, Aditya N Agarwal and Sunitadevi Niranjan...
Elevator Manufacturers, Operators and Building Owners Jointly Liable for User Safety: Supreme Court
SN Thyagarajan (Bar
and
Bench)
30 July 2026
The Supreme Court has held that manufacturers and operators of elevators, along with the owners of the premises where they are installed, are jointly and severally liable for the safety of users [Otis Elevator Co Vs Rashmi...
FSSAI Bans 'FOLINEURO Syrup', Stops Sale of 'Neuherbs TRUE VITAMIN', Orders Recall of 'Wonderland Raisins'
Moneylife Digital Team
30 July 2026
The Food Safety and Standards Authority of India (FSSAI) on Thursday launched a major enforcement drive against food business operators (FBOs), taking action against multiple companies over misleading health claims, non-compliant...
NSE Warns Investors against 'Profit Plus' Telegram, YouTube Channels Offering Stock Tips, Account Handling Services
Moneylife Digital Team
30 July 2026
The National Stock Exchange of India Ltd (NSE) has cautioned investors against dealing with a person identifying himself as Vipin Shukla, who claims to be associated with an entity called Profit Plus and allegedly offers stock market...
