sebi:Order/AK/DS/2025-26/31980

SEBI · SEBI · 2021-09-20 · Amit Kapoor, Adjudicating Officer

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

Facts / Headnote

Violation established ex-parte; monetary penalty imposed

Provisions invoked

• s. 15
• s. 11B
• s. 11
• s. 15H
• s. 15J

Regulations relied on

• SEBI (PFUTP) Regulations, 2003 — 3(a)

Parties

• Usha Awasthi

Holding

The Noticee violated Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the PFUTP Regulations by executing non-genuine reversal trades in illiquid stock options at BSE creating artificial volume, and is liable to a monetary penalty of Rs 5,00,000 under Section 15HA of the SEBI Act, 1992.

Full text

Adjudication Order in respect of Usha Awasthi in the matter of Illiquid Stock Options at BSE Page 2 of 14 APPOINTMENT OF ADJUDICATING OFFICER

Adjudication Order in respect of Usha Awasthi in the matter of Illiquid Stock Options at BSE Page 3 of 14 “17. We are, thus, of the opinion that SEBI should reconsider and seriously give a thought in coming out with a fresh scheme under Clause 26 of the Settlement Regulations, 2018. Such scheme can be a onetime scheme for this class of person. The terms of settlement should be attractive so that it could attract the noticees / entities to come forward and settle the matter which will ameliorate the harassment of penalty proceedings to the noticees and at the same time would help to clear the backlog of these pending matters before various AOs.” (Emphasis Supplied)

Adjudication Order in respect of Usha Awasthi in the matter of Illiquid Stock Options at BSE Page 4 of 14 15HA of the SEBI Act. In such case, you are called upon to file your reply within 30 days of receipt of this Show Cause Notice.”

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