sebi:Order/AT/NT/2021-22/14222
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed on the Noticee
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Bajrang Lal Soni (PAN: AQIPS4999J)
Holding
The Noticee violated regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the PFUTP Regulations, 2003 by executing non-genuine reversal trades that created artificial volume, and a penalty of Rs. 5,00,000 was imposed under section 15HA of the SEBI Act, 1992.
Full text
Page 2 of 14 2. Pursuant to investigation, it was observed that a total of 2,91,744 trades, comprising 81.41% of all the trades executed in stock options segment of BSE, during the Investigation Period were non-genuine trades. It was observed that Bajrang Lal Soni (PAN- AQIPS4999J) (hereinafter referred to as the “Noticee”) was one among the various entities who had indulged in execution of reversal trades in stock options segment of BSE during the Investigation Period.
Page 3 of 14 SHOW CAUSE NOTICE, REPLY AND HEARING 5. A Show Cause Notice bearing reference no. IID/AT/NT/15547/2021 dated July 16, 2021 (hereinafter referred to as ‘SCN’) was issued to the Noticee under Rule 4(1) of the Adjudication Rules to show-cause as to why inquiry should not be initiated against the Noticee and penalty be imposed under section 15HA of the SEBI Act, 1992 for the violations alleged to have been committed by the Noticee.
Page 4 of 14 c. The entire volume generated by the Noticee in the above contract was artificial volume, and further, the artificial volume generated by the Noticee also contributed to 8.52% of the total volume in the market in the said contract.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:Order/AT/NT/2021-22/14222. 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.