sebi:Order/AS/AK/2022-23/24116

SEBI · SEBI · 2021-09-30 · Asha Shetty, Adjudicating Officer

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Facts / Headnote

Proceedings abated; Show Cause Notice dated August 08, 2022 disposed of

Provisions invoked

• s. 15
• s. 15H
• s. 15I

Regulations

• Reg. 3(a)

Parties

• Late Prabha Adarsh

Holding

The adjudication proceedings against the deceased Noticee are liable to be abated without going into the merits of the case, and the Show Cause Notice dated August 08, 2022 issued against her is disposed of accordingly.

Full text

Adjudication Order in respect of Late Prabha Adarsh in the matter of Illiquid Stock Options at BSE. Page 2 of 3 APPOINTMENT OF ADJUDICATING OFFICER

Adjudication Order in respect of Late Prabha Adarsh in the matter of Illiquid Stock Options at BSE. Page 3 of 3 6. Before proceeding further in the matter on merit, it would be in the fitness of things to first decide as to whether on the death of the Noticee, the present adjudication proceedings against her would continue or abate.

3. In this connection, SEBI had initiated adjudication proceedings against Noticee, under SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) for allegedly violating Regulations 3(a),(b),(c),(d) and 4(1), 4(2)(a) of SEBI (Prohibition of Fraudulent and Unfair Trading Practices relating to Securities Markets) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’), in the matter of trading in illiquid stock options at BSE. Vide communiqué dated September 30, 2021, Mr. Prasanta Mahapatra, Chief General Manager, was appointed as Adjudicating Officer under Section 15-I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) to inquire into and adjudge the alleged violations by the Noticee and determine whether penalty under Section 15HA of the SEBI Act is liable to be imposed. Pursuant to transfer of Mr. Prasanta Mahapatra, to other department, vide communiqué dated July 27, 2022, undersigned was appointed as Adjudicating Officer in the instant matter.

Source: SecMarx — sebi:Order/AS/AK/2022-23/24116. 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.