The Securities and Exchange Board of India (Sebi) has issued an interim order banning 39 individuals and entities from participating in capital markets due to alleged stock price manipulation involving RRP Semiconductor. The stock experienced an extraordinary 725% increase, rising from ₹15 to ₹10,887.10 over a span of 19 months. The order also mandated the freezing of shares in the demat accounts of the accused and the impounding of approximately ₹2 crore (roughly $240,000 USD) in unlawful gains. Sebi's investigation revealed that the trading patterns and price surges were indicative of manipulation, with a significant mismatch between the company's deteriorating financials and its soaring stock price. Despite regulatory measures, the number of public shareholders increased sharply, suggesting that retail investors were drawn into the stock at inflated prices, further fueled by misleading information circulating on social media. The last traded price of RRP Semiconductor was recorded at ₹9,736.40 on March 30, 2026, following restrictions imposed by the Bombay Stock Exchange (BSE).