Sebi bars Osiajee Texfab for alleged manipulation

Mumbai: The Securities and Exchange Board of India (Sebi) on Thursday barred Osiajee Texfab, its managing director and several other entities from the securities market for allegedly manipulating the company’s share price through synchronised trades, misleading corporate announcements and connected entities.

The regulator in an ex-parte interim order said, the textile company’s shares surged nearly 842%, from ₹50.40 on January 30, 2025 to ₹474.80 on January 27, 2026, followed by another sharp rise in May 2026, despite no material positive corporate developments.

Sebi’s preliminary examination found that the top 10 contributors to the stock’s last traded price accounted for 67.38% of the market’s positive LTP contribution during April 30-May 14, 2026. All of them traded through the Hoshiarpur branch of Shreni Shares Ltd, managed by the husband of Osiajee Texfab’s managing director. The regulator also alleged that the company misled investors by claiming its textile business was ‘growing steadily’ even though its standalone textile operations generated virtually no revenue.