sebi:Order/AK/RK/2026-27/32341
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Facts / Headnote
Violation established ex-parte; monetary penalty imposed
Provisions invoked
- s. 15
- s. 11B
- s. 11
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
Parties
- Ashwin Chunibhai Shah
Holding
The Noticee violated Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the PFUTP Regulations by executing 9 non-genuine reversal trades in 4 illiquid stock option contracts creating artificial volume, and a monetary penalty of Rs 5,00,000 under Section 15HA of the SEBI Act was imposed.
Full text
Adjudication Order in respect of Ashwin Chunibhai Shah in the matter of Illiquid Stock Options on BSE Page 2 of 12 APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in respect of Ashwin Chunibhai Shah in the matter of Illiquid Stock Options on BSE Page 3 of 12 last known addresses of the Noticee on record. The said notices were also served upon it through public Notice on March 20, 2026, in addition to the service of the said SCN and hearing notices through affixture. The public notice was published in three newspapers, namely, Indian Express (English), Herald Young Leader (Hindi) and Sandesh (Gujarati) in Vadodara Edition/Circulation. Vide the said public notice, Noticee was provided with an opportunity to submit reply to the SCN within 14 days of the publication of the said Notice by accessing the same from SEBI website. However, no response was received from the Noticee.
Adjudication Order in respect of Ashwin Chunibhai Shah in the matter of Illiquid Stock Options on BSE Page 4 of 12 12. Before proceeding further, the relevant provisions of the PFUTP Regulations are mentioned as below: PFUTP Regulations, 2003
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Source: SecMarx — sebi:Order/AK/RK/2026-27/32341. 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.