sebi:AO/SBM/EAD-1/09/2019
Facts / Headnote
Noticee held liable for violation of Regulations 3(a), 4(1) and 4(2)(a) of PFUTP Regulations and penalty of Rs 6,00,000 imposed under Section 15HA of SEBI Act
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15J
Regulations relied on
- SEBI (PFUTP) Regulations, 2003 — 3(a)
- SEBI (PFUTP) Regulations, 2003 — 4(1)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(a)
Parties
- Ms. Ansuya M Trivedi
Holding
The Noticee violated Regulations 3(a), 4(1) and 4(2)(a) of the PFUTP Regulations by executing 88 non-genuine synchronized reversal trades in 38 illiquid BSE Stock Option contracts creating artificial volume, and is liable to a monetary penalty of Rs 6,00,000 under Section 15HA of the SEBI Act.
Full text
Page 2 of 17 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 Options segment of BSE during the investigation period. In view of the large scale reversal of trades that were observed in the illiquid Stock Options segment at BSE, it is alleged that these trades were non-genuine in nature and were manipulative trades.
Page 3 of 17 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 17 trades in the Contract the Contract Total Volume in the Contract in the Contract 1 ADPW15JUL22.00CEW1 7.70 8000 7.70 8000 100% 67% 100% 9% 2 ALBK15FEB115.00PE 11.70 192000 7.00 192000 100% 100% 100% 100% 3 ALBK15FEB120.00PE 13.00 402000 6.80 402000 100% 13% 100% 59% 4 AMBC15APR250.00CE 12.50 230000 6.00 230000 100% 50% 100% 50% 5 ARVI15MAR280.00CE 15.50 162000 5.00 162000 100% 3% 100% 3% 6 ARVI15MAR290.00PE 9.40 45000 1.40 45000 100% 15% 100% 9% 7 AXIS15APR540.00PE 1.60 50000 11.60 50000 100% 20% 100% 23% 8 AXIS15MAR560.00CE 42.50 20000 27.50 20000 100% 14% 100% 4% 9 AXIS15MAR600.00PE 31.00 120000 16.00 120000 100% 3% 100% 6% 10 BHEL15MAR270.00PE 10.60 125000 0.60 125000 100% 9% 100% 13% 11 BHRT15APR370.00CEW4 22.35 71000 8.00 71000 100% 25% 100% 22% 12 BPCL15MAR760.00PE 34.00 107000 20.00 107000 100% 12% 100% 15% 13 CARN15MAR240.00PE 28.00 121000 15.60 121000 100% 9% 100% 11% 14 DABU15MAR260.00PE 3.80 176000 0.40 176000 100% 25% 100% 14% 15 DABU15MAR270.00CE 4.60 62000 0.60 62000 100% 20% 100% 6% 16 DIVI15MAR1800.00CE 51.00 9750 10.00 9750 100% 100% 100% 100% 17 DIVI15MAR1860.00CE 23.00 15875 1.00 15875 100% 100% 100% 100% 18 DLFL15MAR150.00PE 7.00 106000 3.20 106000 100% 8% 100% 5% 19 DRRL15MAR3450.00CE 57.00 12750 10.00 12750 100% 12% 100% 10% 20 GRSM15MAR3700.00PE 54.00 20000 24.00 20000 100% 11% 100% 20% 21 HDBK15APR1050.00CE 20.00 31250 4.00 31250 100% 4% 100% 11% 22 HDFC15MAR1290.00PE 12.50 104000 0.50 104000 100% 25% 100% 39% 23 HDIL15MAR115.00CEW2 4.00 2
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Source: SecMarx — sebi:AO/SBM/EAD-1/09/2019. 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.