sebi:Order/AS/VC/2025-26/31359

SEBI · SEBI · 2021-09-20 · Asha Shetty, Adjudicating Officer

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Facts / Headnote

Adjudication proceedings concluded; monetary penalty imposed under Section 15HA of the SEBI Act for violation of PFUTP Regulations

Provisions invoked

• s. 11B
• s. 11
• s. 15
• s. 19
• s. 15H
• s. 15J
• s. 15F
• s. 28A

Regulations

• Reg. 4
• Reg. 3
• Reg. 4(1)
• Reg. 3(a)
• Reg. 26

Parties

• Abhijeet Bora

Holding

The Adjudicating Officer held that Abhijeet Bora indulged in non-genuine reversal trades in illiquid stock options on BSE, violating Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the PFUTP Regulations, and imposed a monetary penalty under Section 15HA of the SEBI Act deemed commensurate with the violations.

Full text

Adjudication Order in respect of Abhijeet Bora in the matter of dealings in Illiquid Stock Options at BSE Page 2 of 29 2. Pursuant to investigation by SEBI, it was observed that during IP, a total of 2,91,744 trades comprising substantial 81.41% of all the trades executed in Stock Options of BSE were trades which involved reversal of buy and sell positions by the clients and counterparties in a contract. The investigation revealed that 14,720 entities were involved in executing non-genuine trades in BSE’s Stock Options segment during the investigation period. It was observed that Abhijeet Bora (PAN No.- AHHPB2120N) (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 IP. Such trades were alleged to be non-genuine in nature and created false or misleading appearance of trading in terms of artificial volumes in stock options and therefore were alleged to be manipulative and deceptive in nature. In view of the same, SEBI initiated adjudication proceedings against the Noticee for alleged 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) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”).

Adjudication Order in respect of Abhijeet Bora in the matter of dealings in Illiquid Stock Options at BSE Page 3 of 29 Adjudication Rules to show cause as to why an inquiry should not be held and

Adjudication Order in respect of Abhijeet Bora in the matter of dealings in Illiquid Stock Options at BSE Page 4 of 29 (c) The Noticee's two trades while dealing in the contract with the same counterparty were reversal trades involving squaring off transactions, but with significant difference in the buy value and sell value of the transactions and allegedly generated artificial volume of 2,42,000 units, which made up 33.80% of total market volume in the said contract during investigation period.

Source: SecMarx — sebi:Order/AS/VC/2025-26/31359. 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.