sebi:ORDER/VV/HS/2019-20/7313
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Facts / Headnote
Violation of PFUTP Regulations found; penalty imposed under Section 15HA of the SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 2
- Reg. 3(a)
Parties
- Dev Commodity Brokers Private Limited
Holding
The Noticee Dev Commodity Brokers Private Limited was held to have violated Regulations 3(a), (b), (c), (d) and 4(1), 4(2)(a) of the PFUTP Regulations, 2003 by executing 155 non-genuine reversal trades in 70 illiquid stock options contracts on BSE, generating artificial volume of 48,62,070 units, and a monetary penalty was imposed under Section 15HA of the SEBI Act.
Full text
Adjudication Order in respect of Dev Commodity Brokers Private Limited. Page 2 of 24 1992, (hereinafter referred to as “SEBI Act”) read with Section 15-I (1) of the SEBI Act and Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as “Adjudication Rules”) to conduct adjudication proceedings inter-alia in respect of the Noticee, in the manner specified under Rule 4 of the Adjudication Rules read with Section 15-I (1) and (2) of the SEBI Act, and if satisfied that penalty is liable, to impose such
Adjudication Order in respect of Dev Commodity Brokers Private Limited. Page 3 of 24 and records being relied upon in respect of the Noticee in the present adjudication proceedings. As regards to case law cited by the Noticee, since all the relied upon information and records has been provided to it, same are not found to be applicable in the present matter.
Adjudication Order in respect of Dev Commodity Brokers Private Limited. Page 4 of 24 submissions and accordingly he was given time to file the same latest by January 21, 2020.
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Source: SecMarx — sebi:ORDER/VV/HS/2019-20/7313. 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.