sebi:Order/AK/GN/2026-27/32432

SEBI · SEBI · 2025-04-03 · Amit Kapoor, Adjudicating Officer

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Facts / Headnote

Penalty of Rs 5,00,000 imposed under Section 15HA of the SEBI Act for violation of PFUTP Regulations

Provisions invoked

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

Regulations

• Reg. 4
• Reg. 3
• Reg. 4(1)
• Reg. 3(a)

Parties

• Ranika Investments Pvt Ltd

Holding

The Noticee executed 45 non-genuine reversal trades in 12 illiquid BSE stock option contracts generating artificial volume of 22,08,000 units, thereby violating Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the PFUTP Regulations and is liable to a monetary penalty of Rs 5,00,000 under Section 15HA of the SEBI Act.

Full text

Adjudication Order in respect of Ranika Investments Pvt Ltd in the matter of Illiquid Stock Options Page 2 of 11 3. SEBI appointed Ms. Asha Shetty as Adjudicating Officer (AO) in the matter, u/s 19 r/w Section 15-I(1) of the SEBI Act, 1992 (hereinafter referred to as “SEBI Act”) and Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as “SEBI Adjudication Rules”) to conduct adjudication proceedings in the manner specified under Rule 4 of SEBI Adjudication Rules r/w Section 15-I(1) and (2) of SEBI Act, and if liable, impose such penalty as deemed fit in terms of Rule 5 of SEBI Adjudication Rules r/w Section 15HA of SEBI Act. Pursuant to transfer of case, undersigned was appointed as Adjudicating Officer in the matter, vide Order dated April 03, 2025.

Adjudication Order in respect of Ranika Investments Pvt Ltd in the matter of Illiquid Stock Options Page 3 of 11 did not file any reply to the second show-cause notice. This being so, it has to be presumed that the charges alleged against them in the show cause notice were admitted by them”.

Adjudication Order in respect of Ranika Investments Pvt Ltd in the matter of Illiquid Stock Options Page 4 of 11 4. Prohibition of manipulative, fraudulent and unfair trade practices (1) Without prejudice to the provisions of regulation 3, no person shall indulge in a fraudulent or an unfair trade practice in securities. (2) Dealing in securities shall be deemed to be a fraudulent or an unfair trade practice if it involves fraud and may include all or any of the following, namely:— (a) indulging in an act which creates false or misleading appearance of trading in the securities market;

Source: SecMarx — sebi:Order/AK/GN/2026-27/32432. 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.