sebi:ORDER/SRP/HKS/2018-19/2007
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Facts / Headnote
Noticee held liable for violation of Regulations 3(a), (b), (c), (d) and 4(1), 4(2)(a) of PFUTP Regulations; penalty imposed under Section 15HA of the SEBI Act
Provisions invoked
- s. 15
- s. 11(1)
- s. 11
- s. 15H
- s. 15J
- s. 15F
Regulations
- Reg. 4
- Reg. 3
- Reg. 2
- Reg. 3(a)
Parties
- GCK Stock Private Limited
Holding
The Noticee, GCK Stock Private Limited, was held to have violated Regulations 3(a), (b), (c), (d) and 4(1), 4(2)(a) of the PFUTP Regulations by executing 88 non-genuine reversal trades in 28 illiquid stock options contracts on BSE, generating artificial volume of 4,09,84,000 units, and was held liable for penalty under Section 15HA of the SEBI Act.
Full text
Adjudication Order in respect of GCK Stock Private Limited Page 2 of 34 APPOINTMENT OF ADJUDICATING OFFICER 2. Initially, Shri Biju. S was appointed as the Adjudicating Officer by SEBI, in the matter. Subsequently, on July 06, 2018 the undersigned has been appointed as the Adjudicating Officer, to inquire into and adjudge under Section 15HA of the Securities and Exchange Board of India Act, 1992, (hereinafter referred to as “SEBI Act”) the aforesaid violations alleged to have been committed by the Noticee.
Adjudication Order in respect of GCK Stock Private Limited Page 3 of 34 Kumar Tulshyan both brokers of BSE through which it traded on BSE. It has never defaulted in meeting our settlement obligations.
Adjudication Order in respect of GCK Stock Private Limited Page 4 of 34 31.03.2015 Accounting year ended. 20.08.2015* SEBl's ex-parte ad-interim order u/s 11(1), 11(4) and 11B of SEBI Act in the matter of illiquid stock options (on BSE) against 59 entities - Noticee's name was there at Sr. No. 31 17.02.2016 SEBl's ex-parte ad-interim order u/s 11(1), 11(4) and 11B of SEBI Act in respect of Trading members in the matter of illiquid stock options (on BSE) against 22 Brokers (No. WTM I RKA/ ISO/ 25/ 2016) 04.03.2016 Weekly options contracts discontinued- BSE's notice no. 20160218- 27 dated 18.02.2016. 31.03.2016 Accounting year ended. 12.08.2016 Disposal Order (to order dated 17.02.2016) against 22 Brokers 22.08.2016* Confirmatory Order (to order dated 20.08.2015) against 58 entities - Noticee's name was there at Sr. No. 31 31.03.2017 Accounting year ended. 31.03.2018 Accounting year ended. 03.04.2018 ED, SEBI appointed Mr. Biju S. as Adjudicating Officer (Reference found in order communicating Appointment of AO in order dated 29.05.2018 of Ms. Bhavana Ravi Kumar (Annexure-A) to SCN dated 21.09.2018 ".) "Thereafter Mr. Satya Satya Ranjan Prasad was appointed as AO and communicated vide order dated 6.7.2018. 05.04.2018* WTM's order against 59 entities disposing all proceedings initiated vide order dated 20.08.2015 - SEBI appointed Adjudicating Officers to enquire into alleged irregularities in illiquid options trading on BSE against 14,727 entities - in Phase I, against 567 entit
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Source: SecMarx — sebi:ORDER/SRP/HKS/2018-19/2007. 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.