sebi:EAD-7/BJD/BKM/2019-20/2993
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Facts / Headnote
Noticee held liable for violation of PFUTP Regulations; penalty imposed under Section 15HA of SEBI Act
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15I
- s. 15J
- s. 15I(1)
Regulations
- Reg. 3
- Reg. 4
- Reg. 2(1)(c)
- Reg. 3(a)
Parties
- Prashant Jayantilal Patel
Holding
The Noticee, Prashant Jayantilal Patel, was found to have violated Regulations 3(a), 4(1) and 4(2)(a) of the PFUTP Regulations by executing non-genuine reversal trades in illiquid stock options on BSE, creating artificial volume, and was held liable for penalty under Section 15HA of the SEBI Act.
Full text
3. It was observed that the said non- genuine trades were not restricted to any specific contract or between any specific set of entities. It was observed that
6. From the above table, the following is observed as regards to dealings of the Noticee: a) The Noticee had executed non genuine trades in 2 contracts, wherein in
mentioned above, inter-alia, in respect of the Noticee, had appointed the undersigned as the Adjudicating Officer vide Order dated April 3, 2018, under
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Source: SecMarx — sebi:EAD-7/BJD/BKM/2019-20/2993. 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.