Securities and Exchange Board of India (SEBI) has issued separate Notices of Demand dated 10 June 2026 under recovery case (RC) numbers 9150 of 2026 and 9151 of 2026. The notices are issued against Arpit Piyushbhai Shah (PAN: BECPS1043E) and Mrugesh Natwarlal Ruparel (PAN: AITPR2718M), respectively. Both notices relate to allegations of price and volume manipulation in the scrip of Quasar India Limited. The documents indicate that SEBI has initiated demand/recovery-related proceedings connected to this matter, but do not provide additional details in the provided excerpts about the amount demanded, the specific trades or period involved, or any findings. The notices also do not specify the legal or regulatory sections invoked in the excerpts. With the information available from the SEBI RSS entries, the key shared element is that SEBI issues the notices of demand on the same date, under different RC numbers, targeting two individuals for the same underlying alleged conduct in the shares of Quasar India Limited.