sebi:Order/AK/RK/2026-27/32343
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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)
- Reg. 26
Parties
- Bimla Devi Killa
Holding
The Noticee violated Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations by executing 6 non-genuine reversal trades creating artificial volume. A monetary penalty of Rs 5,00,000 under Section 15HA of the SEBI Act was imposed on Bimla Devi Killa.
Full text
Adjudication Order in respect of Bimla Devi Killa in the matter of Illiquid Stock Options on BSE Page 2 of 13 APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in respect of Bimla Devi Killa in the matter of Illiquid Stock Options on BSE Page 3 of 13 August 22, 2022 to January 21, 2023. Pursuant to the closure of the SEBI Settlement Scheme, 2022, adjudication proceedings continued against the remaining entities. During the adjudication proceedings, significant number of the remaining entities, at the time of personal hearing, expressed their interest in availing of settlement. Accordingly, SEBI has decided to introduce another Settlement Scheme (“ISO Settlement Scheme, 2024”) in terms of Section 15JB of the SEBI Act, 1992 read with Regulation 26 of the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 in the matter of Illiquid Stock Options. The said scheme proposes payment of Settlement Amount as per the details given below: Sr No. Number of Contracts Settlement Amount (Rs.) 1 1-5 1,20,000/- 2 6-50 2,40,000/- 3 51 and above 6,00,000/- base amount + 12,000 per contract
Adjudication Order in respect of Bimla Devi Killa in the matter of Illiquid Stock Options on BSE Page 4 of 13 did not avail the settlement scheme and accordingly, the adjudication proceeding against the Noticee was resumed and in the interest of natural justice, opportunities of hearing in the matter were granted to the Noticee on June 22, 2023, and November 06, 2025, vide hearing notices dated June 13, 2023 (by way of public notice in a newspaper daily having circulation around the last known address of the Noticee) and October 06, 2025. Further, vide email dated February 06, 2025, which was duly delivered to the Noticee, an opportunity to submit reply in the matter was given to the Noticee. However, Noticee did not submit any reply in the matter.
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Source: SecMarx — sebi:Order/AK/RK/2026-27/32343. 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.