The Securities and Exchange Board of India (SEBI) has imposed a restriction on seven members of the Gupta family for allegedly executing a coordinated stock manipulation scheme through social media platforms including X, WhatsApp, and Telegram.
According to SEBI, the individuals initially purchased small and medium-sized enterprise (SME) stocks in their own accounts and those of connected parties, subsequently promoting these stocks aggressively on social media to entice retail investors. They are accused of selling shares once prices increased.
As a result of these allegations, SEBI has barred the seven noticees from buying, selling, or dealing in securities, either directly or indirectly, until further notice. The regulator has additionally ordered the impounding of ₹20.25 crore, claimed as ill-gotten gains, and instructed financial institutions to prevent withdrawals from the noticees’ accounts that exceed this amount.
SEBI’s investigation revealed that the scheme spanned 82 stocks from December 2023 to January 2026 and resulted in “prima facie wrongful gains” amounting to ₹20.25 crore. The family members implicated are Hemant Gupta, Rohan Gupta, Aniket Gupta, Sharon Gupta, Leana Gupta, Rajani Gupta, and Purvangi Gupta.
“This is an interim order issued during the ongoing investigation, as it appears that the noticees engaged in fraudulent activities, manipulation, and unfair trade practices,” SEBI stated in its 234-page order.
In January 2026, SEBI conducted search and seizure operations at the noticees’ premises with court approval. During the investigation, electronic devices, chat histories, and trading data were confiscated.
The regulator asserted that Hemant Gupta, Rohan Gupta, and Aniket Gupta acted as “operators,” managing social media accounts and trading accounts of related beneficiaries. The X accounts @WealthSolitaire and @desiwallstreet, maintained by Rohan and Aniket Gupta respectively, had approximately 13,600 and 40,500 followers. The family also reportedly ran multiple WhatsApp and Telegram groups with thousands of members.
SEBI detailed various instances to highlight the alleged modus operandi. One notable case involved SME-listed Afcom Holdings, where the group purportedly acquired shares before launching a social media campaign praising the company and suggesting significant returns.
Analysis conducted by the regulator showed a substantial increase in the combined gross trade value of the seven noticees, jumping from ₹548.62 crore in the pre-examination period to ₹1,023.40 crore during the investigation. Additionally, combined squared-off profits increased from ₹17.06 crore to ₹58.40 crore.
The regulator has indicated violations of the SEBI Act and the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations. It also asserted that Hemant Gupta, Rohan Gupta, and Aniket Gupta breached Research Analyst Regulations by issuing stock recommendations without appropriate registration.
Published on May 22, 2026.
