sebi:Order/AP/VS/2019-20/6894
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Facts / Headnote
Noticee held liable for contravention of PFUTP Regulations; penalty imposed under Section 15HA of SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 3(a)
Parties
- Gold View Financial Services Limited
Holding
The Noticee was held to have indulged in non-genuine reversal trades in Stock Options on BSE with the same counterparty on the same day, creating false or misleading appearance of trading through artificial volumes, in contravention of Regulations 3 and 4 of the PFUTP Regulations, and was held liable to penalty under Section 15HA of the SEBI Act.
Full text
_________________________________________________________________________________ Adjudication order in respect of Gold View Financial Services Limited in the matter of Illiquid Stock Options at BSE Page 2 of 17 negative close out difference of ₹2,93,11,678/- approx. The trades entered by the Noticee were reversed on the same day within a very short span of time with same counterparty at a substantial price difference without any basis for significant change in the contract price which indicates that these trades are artificial and are non-genuine in nature. The summary of dealings of Noticee in such 37 Stock Options contracts is as follows: Table 1 – Summary of dealings of the Noticee in contracts wherein he executed non- genuine trades
_________________________________________________________________________________ Adjudication order in respect of Gold View Financial Services Limited in the matter of Illiquid Stock Options at BSE Page 3 of 17 28 MFSL15MAR260.00CE 4.00 81000 0.30 81000 100% 14% 100% 9% 29 NHPC15MAY14.00CEW2 5.10 150000 3.10 150000 100% 13% 100% 17% 30 OBNK15MAR240.00CE 6.70 243000 0.50 243000 100% 60% 100% 43% 31 ONGC15MAR330.00CE 2.30 100000 0.30 100000 100% 33% 100% 34% 32 PGCL15APR135.00PEW1 1.60 600000 0.05 600000 100% 18% 100% 27% 33 PTCI15MAY75.00PEW2 7.10 184000 5.20 184000 100% 100% 100% 100% 34 RCOM15MAY60.00CEW2 5.90 116000 3.30 116000 100% 100% 100% 100% 35 RPOW15MAY50.00PE 2.25 232000 0.05 232000 100% 28% 100% 10% 36 UCOB15MAY65.00PEW2 6.00 64000 4.40 64000 100% 33% 100% 40% 37 UNIT15MAY18.00PEW2 3.60 270000 2.50 270000 100% 50% 100% 67%
_________________________________________________________________________________ Adjudication order in respect of Gold View Financial Services Limited in the matter of Illiquid Stock Options at BSE Page 4 of 17 PFUTP Regulations
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Source: SecMarx — sebi:Order/AP/VS/2019-20/6894. 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.