New Delhi, July 2 -- The Securities and Exchange Board of India (SEBI) has clamped down on one of the nation's most elaborate pump and dump operations. This has resulted in the regulator barring more than 220 entities and ordering the recovery of unlawful gains.

The issue came to light in a 394-page final order issued by the market regulator on 30 June, which detailed how a coordinated network allegedly manipulated stock prices, misled retail investors through fake investment messages and exited with hefty profits, leaving unsuspecting investors holding overpriced shares.

The scam is part of an elaborate scheme in which strategic steps were taken to cheat unsuspecting retail investors. These steps are discussed below in detail:

Retail ...