sebi:Order/AK/JS/2022-23/17850/1
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Facts / Headnote
Proceedings dropped - Show Cause Notice dated June 28, 2021 dropped
Provisions invoked
- s. 11
- s. 15H
- s. 15I
Regulations
- Reg. 3
- Reg. 11
- Reg. 3(a)
Parties
- Arnav Gupta
Holding
The adjudication proceedings against Arnav Gupta for alleged reversal trades in illiquid stock options at BSE were dropped. The Adjudicating Officer held he was a minor during the Investigation Period and therefore could not be subjected to penalty.
Full text
_________________________________________________________________________ Adjudication Order in the matter of Dealings in Illiquid Stock Options at BSE- In respect of Arnav Gupta 2 or misleading appearance of trading in terms of artificial volumes in stock options and therefore alleged to be manipulative and deceptive in nature. It was observed that Shri Arnav Gupta (hereinafter referred to as the “Noticee”) was one of the various entities who indulged in execution of reversal trades in stock options segment of BSE during the Investigation Period. In view of the same, SEBI initiated adjudication proceedings against the Noticee for violation of the provisions of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”).
_________________________________________________________________________ Adjudication Order in the matter of Dealings in Illiquid Stock Options at BSE- In respect of Arnav Gupta 3
_________________________________________________________________________ Adjudication Order in the matter of Dealings in Illiquid Stock Options at BSE- In respect of Arnav Gupta 4 Arnav Gupta or such person responsible for carrying out the trades in question and proceed from there onward in accordance with law.”
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Source: SecMarx — sebi:Order/AK/JS/2022-23/17850/1. 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.