sebi:EAD-1/AO/SBM/JR/2021-2022/12401
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Facts / Headnote
Adjudication proceedings initiated vide SCN dated May 24, 2021 disposed of without penalty as the Noticee was not in existence
Provisions invoked
- s. 15
- s. 19
- s. 15H
Regulations
- Reg. 4(1)
- Reg. 3(a)
Parties
- Aashirwad Realtors Private Limited
Holding
The adjudication proceedings against Aashirwad Realtors Private Limited initiated vide SCN dated May 24, 2021 are disposed of without adjudication on merits because the Noticee had ceased to exist as a legal entity with effect from April 1, 2018 pursuant to the NCLT-approved scheme of amalgamation.
Full text
Page 2 of 6 2. It was observed during the course of investigation that a total of 2,91,643 trades comprising 81.38% of all the trades executed in the Stock Options Segment at BSE during the investigation period were trades which involved reversal of buy and sell positions by the clients and counterparties in a contract on the same day. It was also observed that the aforesaid trades resulted into alleged 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.
Page 3 of 6 of the SEBI Act read with Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) to inquire into and adjudge under the provisions of section 15HA of the SEBI Act the aforementioned alleged violation of the provisions of law by the Noticee. SHOW CAUSE NOTICE, HEARING AND REPLY
Page 4 of 6 Trading Company Pvt. Ltd. (“KITCPL”). By the said Order, ARPL has been dissolved from the appointed date and necessary intimations have been filed with the Registrar of Companies, West Bengal.”
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Source: SecMarx — sebi:EAD-1/AO/SBM/JR/2021-2022/12401. 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.