sebi:Order/BM/DS/2023-24/27766
Facts / Headnote
Violation established ex-parte; monetary penalty imposed
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 15F
- s. 28A
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
- Sangita Karmakar
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 in illiquid stock options, and a monetary penalty of Rs. 5,00,000 under Section 15HA of the SEBI Act, 1992 was imposed ex-parte.
Full text
Adjudication Order in respect of Sangita Karmakar in the matter of trading in Illiquid Stock Options at BSE Page 2 of 18 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 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, 2003”).
Adjudication Order in respect of Sangita Karmakar in the matter of trading in Illiquid Stock Options at BSE Page 3 of 18 S. N o. Contract Name Avg. Buy Rate (Rs) Total Buy Volume (No. of units) Avg. Sell Rate (Rs) Total Sell Volume (No. of units) % of Non Genui ne trades of Notice e in the contra ct to Notice e's Total trades in the Contra ct % of Non Genui ne trades of Notice e in the contra ct to Total trades in the Contra ct % of Artificia l Volume generat ed by Noticee in the contrac t to Noticee' s Total Volume in the Contrac t % of Artificia l Volume generat ed by Noticee in the contrac t to Total Volume in the Contrac t 1 IDFC15MAR1 95.00CE 0.2 100000 2.2 100000 100 50 100 50 2 KOTB15MAR 1290.00PE 8 33500 14 33500 100 25 100 32.84
Adjudication Order in respect of Sangita Karmakar in the matter of trading in Illiquid Stock Options at BSE Page 4 of 18
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