By an order passed by a whole-time member of SEBI the noticees namely Shri Dushyant N Dalal and Mrs Puloma D Dalal were found to have manipulated the demand for ... shares in the retail individual investor category RII and thereby distorted the integrity of the market By doing this they denied other RIIs of allotment of their legitimate shares in initial public offers IPOs of various companies and made an unlawful gain of Rs - to the detriment of other RIIs The conclusion therefore was that they had employed fraudulent deceptive and manipulative practices to garner shares meant for RIIs in the aforesaid IPOs and hence violated Section A a b and c of the SEBI Act and Regulations and of the Securities and Exchange Board of India Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets Regulations PFUTP Regulations