sebi:Order/AK/DS/2025-26/31965-31966

SEBI · SEBI · 2022-08-17 · Amit Kapoor, Adjudicating Officer

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Penalty imposed on Noticees

Provisions invoked

s. 15
s. 11B
s. 11
s. 15H
s. 15J
s. 248(7)

Regulations relied on

SEBI (PFUTP) Regulations, 2003 — 3(a)

Parties

Amar Nath Das
Rajesh Kumar Agarwal

Holding

The Noticees, being directors of ACPL, were held liable for violations of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the PFUTP Regulations for non-genuine reversal trades executed by ACPL in illiquid stock options at BSE, and a penalty of Rs 5,00,000/- was imposed jointly and severally under Section 15HA of the SEBI Act.

Full text

Adjudication Order in respect of Amar Nath Das and Rajesh Kumar Agarwal in the matter of Illiquid Stock Options at BSE Page 2 of 13

Adjudication Order in respect of Amar Nath Das and Rajesh Kumar Agarwal in the matter of Illiquid Stock Options at BSE Page 3 of 13

Adjudication Order in respect of Amar Nath Das and Rajesh Kumar Agarwal in the matter of Illiquid Stock Options at BSE Page 4 of 13

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Source: SecMarx — sebi:Order/AK/DS/2025-26/31965-31966. 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.