sebi:ORDER/VV/HS/2020-21/7503

SEBI · SEBI · 2018-10-15 · Vijayant Kumar Verma, Adjudicating Officer

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Facts / Headnote

Violation established; penalty of Rs.5,00,000 imposed under Section 15HA

Provisions invoked

• s. 15
• s. 11(1)
• s. 15H
• s. 15J
• s. 15F
• s. 28A

Regulations

• Reg. 4
• Reg. 3
• Reg. 2
• Reg. 3(a)

Parties

• Bharat Jayantilal Patel

Holding

The Noticee violated Regulations 3(a), (b), (c), (d) and 4(1), 4(2)(a) of PFUTP Regulations, 2003 by executing non-genuine reversal trades in illiquid BSE stock options creating artificial volume. A monetary penalty of Rs.5,00,000 was imposed under Section 15HA of the SEBI Act.

Full text

Adjudication Order in respect of Bharat Jayantilal Patel. Page 2 of 20 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 Bharat Jayantilal Patel. Page 3 of 20 6. Subsequently, vide letter dated March 02, 2019 the Noticee forwarded its replies dated November 23, 2015 and February 02, 2016 made in reference to the ad-

Adjudication Order in respect of Bharat Jayantilal Patel. Page 4 of 20 abnormal in these transactions. Had it been so, it would have cautioned or warned me or my brokers, but it did not do so.

Source: SecMarx — sebi:ORDER/VV/HS/2020-21/7503. 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.