sebi:EAD-7/BJD/BKM/2018-19/1758
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Facts / Headnote
Noticee held liable for violations of Regulation 3(a),(b),(c),(d), 4(1) and 4(2)(a) of SEBI (PFUTP) Regulations, 2003; penalty imposed under Section 15HA of SEBI Act, 1992
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15I
- s. 15J
- s. 15I(1)
- s. 18
Regulations
- Reg. 3
- Reg. 4
- Reg. 2(1)(c)
- Reg. 3(a)
Parties
- Pravin Selvadia
Holding
The Noticee, Pravin Selvadia, was held to have indulged in execution of reversal trades in Stock Options with same entities on the same day, which are non-genuine in nature and have created false or misleading appearance of trading in terms of artificial volumes, in violation of Regulation 3(a),(b),(c),(d), 4(1) and 4(2)(a) of the PFUTP Regulations, 2003.
Full text
Adjudication Order in respect of Pravin Selvadia Page 2 of 30 of the total market volume in Stock Options segment of BSE during the investigation period.
Adjudication Order in respect of Pravin Selvadia Page 3 of 30 S. No Contract Name Avg. Buy Rate (Rs.) Total Buy Volume (no. of units) Avg. Sell Rate (Rs.) Total Sell Volume (no. of units) Num ber of non genu ine trade s execu ted by Entit y in the Cont ract Total num ber of trade s execu ted by the Entit y in the Cont ract Tot al nu mbe r of trad es exec ute d in the cont ract % of Non Genuine trades of Noticee in the contract to Noticee’s Total trades in the Contract % of Non Genuine trades of Entity in the contract to Total trades in the Contract % of Artificial Volume generate d 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 CANB15MAR360.00CE W3 23.50 201000 42.13 201000 10 10 10 100% 100% 100% 100% 2 CESC15MAR560.00CEW 3 25.10 100000 44.00 100000 6 6 17 100% 35% 100% 61% 3 GAIL15APR360.00CEW 1 14.45 226000 27.60 226000 6 6 27 100% 22% 100% 22% 4 IDFC15MAR200.00PE 19.60 200000 31.89 200000 5 5 5 100% 100% 100% 100% 5 KARB15MAR110.00CE W2 12.70 202000 22.29 202000 6 6 12 100% 50% 100% 23% 6 KARB15MAR150.00PE 15.20 148000 25.78 148000 5 5 15 100% 33% 100% 17% 7 SYND15JUL90.00CEW4 10.75 60000 19.20 60000 2 2 2 100% 100% 100% 100% 8 VOLT15MAR220.00CE 38.00 125000 57.32 125000 5 9 48 56% 10% 18% 3%
Adjudication Order in respect of Pravin Selvadia Page 4 of 30 by it also contributed to significant contribution of the total volume from the market in said contracts. d) Non genuine trades executed by the Noticee in above contracts had significant differential in buy rates and sell rates considering that the trades were reversed on same day.
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Source: SecMarx — sebi:EAD-7/BJD/BKM/2018-19/1758. 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.