sebi:Order/BD/VS/2020-21/9442
Facts / Headnote
Penalty imposed on the Noticee for fraudulent and unfair trade practices in the stock options segment of BSE
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 15F
- s. 28A
- s. 15I(1)
Regulations relied on
- SEBI (PFUTP) Regulations, 2003 — 3(a)
- SEBI (PFUTP) Regulations, 2003 — 3(b)
- SEBI (PFUTP) Regulations, 2003 — 3(c)
- SEBI (PFUTP) Regulations, 2003 — 3(d)
- SEBI (PFUTP) Regulations, 2003 — 4(1)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(a)
Parties
- Pradeep Kumar Kayan
Holding
The Noticee, Pradeep Kumar Kayan, was found to have executed non-genuine, fraudulent trades in 34 stock options contracts on BSE, generating artificial volume of 12,13,4836 units, in violation of the PFUTP Regulations, 2003 and Section 15HA of the SEBI Act, 1992.
Full text
Adjudication Order in respect of Pradeep Kumar Kayan Page 2 of 31 Options Segment of BSE during the investigation period. The following points narrate the dealings of the Noticee during the investigation period and the
Adjudication Order in respect of Pradeep Kumar Kayan Page 3 of 31 S. No Contract Name Avg. Buy Rate (Rs.) Total Buy Volume (no. of units) Avg. Sell Rate (Rs.) Total Sell Volume (no. of units) Numb er of non genuin e trades execut ed by Entity in the Contra ct Total numb er of trades execu ted by the Entit y in the Contr act Total numb er of trades execu ted in the contr act % of Non Genuine trades of Noticee in the contract to Noticee’s Total trades in the Contract % of Non Genuine trades of Entity in the contract to Total trades in the Contract % of Artificial Volume generated by Noticee in the contract to Noticee’s Total Volume in the Contract % of Artificial Volume generated by Noticee in the contract to Total Volume in the Contract 15 IOBL14NOV50.00PEW3 0.10 116000 2.75 116000 3 3 9 100% 33% 100% 50% 16 IOBL14OCT50.00PEW4 0.10 96000 2.20 96000 3 3 17 100% 18% 100% 21% 17 IOBL15JAN55.00PEW3 0.15 260000 2.10 260000 2 2 20 100% 10% 100% 13% 18 IOCL15AUG380.00CEW3 8.90 20000 18.90 20000 2 2 4 100% 50% 100% 87% 19 IRBI14SEP250.00PEW1 0.51 36000 6.55 36000 3 3 9 100% 33% 100% 18% 20 JAIA14DEC20.00PE 0.05 96000 0.60 96000 2 2 9 100% 22% 100% 5% 21 JAIA14OCT30.00PE 0.10 184000 1.75 184000 3 3 14 100% 21% 100% 5% 22 JISL15MAR85.00CEW1 0.10 400000 2.10 400000 2 2 44 100% 5% 100% 11% 23 JPPW14NOV16.00CEW2 0.05 315000 1.02 315000 4 4 17 100% 24% 100% 7% 24 JPPW15MAR16.00CEW3 0.05 600000 0.89 600000 3 3 20 100% 15% 100% 20% 25 JSWE14DEC95.00CE 0.10 32000 1.65 32000 2 2 4 100% 50% 100%
Adjudication Order in respect of Pradeep Kumar Kayan Page 4 of 31 aforementioned contracts were due to non-genuine trades executed by the Noticee.
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Source: SecMarx — sebi:Order/BD/VS/2020-21/9442. 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.