sebi:Order/BM/DS/2021-22/14678
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Facts / Headnote
abated
Provisions invoked
- s. 15
- s. 19
- s. 15H
Regulations
- Reg. 3(a)
Holding
The adjudication proceedings against the Noticee are abated without going into the merits and the SCN dated October 25, 2021 issued against him is disposed of accordingly.
Full text
Page 2 of 5 “Noticee”) was one of the various entities who allegedly 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, deceptive in nature. In view of the same, SEBI initiated adjudication proceedings against the Noticee for 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, 2003”).
Page 3 of 5 5. It was inter alia alleged in the SCN that the Noticee had executed 2 non genuine trades in 1 Stock Options contract which resulted in artificial volume of total 2,80,000 units. Summary of dealings of the Noticee in 1 Stock Options contracts, in which the Noticee allegedly executed non genuine trades during the I.P, is as follows:
Page 4 of 5 Therefore, 100% volume generated by the Noticee in the above contract was alleged to be artificial volume. (d) Non-genuine trades allegedly executed by the Noticee in above contracts had significant difference in buy rates and sell rates considering that the trades were reversed on same day.
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Source: SecMarx — sebi:Order/BM/DS/2021-22/14678. 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.