India’s market regulator, Securities and Exchange Board of India (SEBI), has passed an interim order restricting 39 individuals and entities, including Rajendra Kamalakant Chodankar, from trading in the shares of RRP Semiconductor Limited. The regulator has also ordered the impounding of nearly ₹2 crore in alleged unlawful gains. This action follows a preliminary investigation into an extraordinary surge in the company’s share price, which rose dramatically from ₹15 in April 2024 to ₹10,887 by October 2025, marking a nearly 725-fold increase.

During this period, the company transitioned from its earlier identity as G D Trading and Agencies Ltd. to a semiconductor-focused business. It also carried out a preferential allotment of about 1.35 crore shares at ₹12 each, significantly altering its shareholding pattern. Promoter holding dropped sharply, while public shareholding rose substantially.

SEBI observed that Chodankar, the largest allottee, held a major portion of shares yet was classified as a public shareholder. The investigation also revealed links among several allottees through call records and fund transfers. Additionally, his open offer announcement and brief role as a non-executive director raised further regulatory concerns.