sebi:Order/AS/VC/2025-26/31580

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

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Facts / Headnote

Disposed of without imposition of any monetary penalty

Provisions invoked

• s. 15
• s. 19
• s. 15H
• s. 15J

Regulations

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

Parties

• Prem Sanghai

Holding

The adjudication proceedings against Prem Sanghai are disposed of without imposition of any monetary penalty, as the allegation of indulging in reversal trades and generating artificial volumes in the Stock Options Segment of BSE is not established.

Full text

Adjudication Order in respect Prem Sanghai in the matter of dealings in Illiquid Stock Options at BSE Page 2 of 7 involved in executing non-genuine trades in BSE’s Stock Options segment during the investigation period. It was observed that Prem Sanghai (PAN– ALCPS8701M) (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 Prem Sanghai in the matter of dealings in Illiquid Stock Options at BSE Page 3 of 7 Contract name Avg. buy rate (₹) Total buy volume (no. of units) Avg. sell rate (₹) Total sell volume (no. of units) % of Artificial volume generated by the Noticee in the contract to Noticee’s Total volume in the contract % of Artificial volume generated by the Noticee in the contract to Total volume in the contract IDBI15JUN90.00PEW1 20.1 16,000 12.3 16,000 100.00% 9.09%

Adjudication Order in respect Prem Sanghai in the matter of dealings in Illiquid Stock Options at BSE Page 4 of 7 (c) Noticee furnished a copy of the ledger from his broker and stated that alleged transaction does not reflect in ledger. (d) No profit/loss was debited or credited to his account.

Source: SecMarx — sebi:Order/AS/VC/2025-26/31580. 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.