sebi:AO/SBM/EAD-1/08/2019
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation found; penalty of Rs 8,00,000 imposed under Section 15HA of SEBI Act
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
Parties
- Altiria Trade Links
Holding
The Noticee violated Regulations 3(a), 4(1) and 4(2)(a) of the PFUTP Regulations by executing 24 non-genuine synchronized reversal trades in 11 illiquid Stock Option contracts at BSE creating artificial volume, and is liable for monetary penalty under Section 15HA of the SEBI Act.
Full text
Page 2 of 16 contract on the same day. It was also observed that the aforesaid trades resulted into creation of artificial volume to the tune of 826.21 crore units or 54.68% of the total market volume in the Stock Option segment of BSE during the investigation period. In view of the large scale reversal of trades that were observed in the illiquid Stock Option segment at BSE, it is alleged that these trades were non-genuine in nature.
Page 3 of 16 section 15HA of the SEBI Act for the aforementioned alleged violation of the provisions of law by the Noticee. SHOW CAUSE NOTICE, HEARING AND REPLY
Page 4 of 16 Table 2 – Summary of dealings of Noticee in contracts wherein it executed non- genuine trades S. No. Contract Name Avg. Buy Rate (Rs.) Total Buy Volume (no. of units) Avg. Sell Rate (Rs.) Total Sell Volume (no. of units) % of Non Genuine trades of Noticee in the contract to Noticee’s Total trades in the Contract % of Non Genuine trades of Noticee in the contract to Total trades in the Contract % of Artificial Volume generated by Noticee in the contract to Noticee’s Total Volume in the Contract % of Artificial Volume generated by Noticee in the contract to Total Volume in the Contract 1 BAJT15APR2040.00CEW4 47.00 132125 10.00 132125 100% 25% 100% 35% 2 BOIL15APR180.00CE 27.00 352000 18.50 352000 100% 100% 100% 100% 3 GRSM15APR3550.00PE 85.00 60000 60.00 60000 100% 25% 100% 30% 4 HDBK15APR1020.00CE 58.00 50000 28.00 50000 100% 13% 100% 22% 5 HDBK15APR1020.00PEW4 18.00 62500 2.00 62500 100% 50% 100% 50% 6 MARU15APR3450.00PE 50.00 120000 25.00 120000 100% 0% 100% 28% 7 MARU15APR3550.00PE 44.00 46625 14.00 46625 100% 0% 100% 5% 8 PFCL15APR280.00CE 14.00 125000 2.00 125000 100% 17% 100% 24% 9 PFCL15APR280.00PEW4 8.80 220000 2.00 220000 100% 50% 100% 50% 10 RCAP15APR400.00CE 38.00 214000 17.00 214000 100% 100% 100% 100% 11 RLNF15APR420.00CE 29.00 88000 12.00 88000 100% 50% 100% 50%
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Source: SecMarx — sebi:AO/SBM/EAD-1/08/2019. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.