sebi:Order/AK/JR/2025-26/31470
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Facts / Headnote
Penalty imposed on the Noticee for violation of PFUTP Regulations
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 15H
- s. 15J
- s. 28A
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 26
Parties
- Manju Devi
Holding
The Noticee, Manju Devi, was held to have violated Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the PFUTP Regulations, 2003 by executing non-genuine reversal trades in an illiquid stock options contract at BSE, and a penalty of Rs. 5,00,000/- was imposed under Section 15HA of the SEBI Act.
Full text
Adjudication Order in respect of Manju Devi in the matter of trading in Illiquid Stock Options at BSE Page 2 of 13 APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in respect of Manju Devi in the matter of trading in Illiquid Stock Options at BSE Page 3 of 13 6.2 No. of alleged non-genuine trades of the Noticee had significantly contributed to total number of trades from the market in the above contract, as 10% of the trades that happened in the said contract were due to non-genuine trades executed by the Noticee. 6.3 100% of volume generated by Noticee in the above contract was alleged to be artificial volume, and further, the percentage of alleged artificial volume generated by the Noticee in the above contract to the total volume from the market in said contract was 10.46%. Therefore, the Noticee allegedly generated artificial volume in the above contract.
Adjudication Order in respect of Manju Devi in the matter of trading in Illiquid Stock Options at BSE Page 4 of 13 2 6-50 2,00,000/- 3 51 and above 5,00,000/- base amount + 10,000 per contract * You may refer to the relevant Annexure/table of the SCN which contains a summary of the contracts you entered to determine the applicable slab for settlement.
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Source: SecMarx — sebi:Order/AK/JR/2025-26/31470. 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.