sebi:Order/BM/GN/2023-24/27871
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Facts / Headnote
Violation established; penalty of ₹5,00,000 imposed
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 26
Parties
- Kumar Gourav Agrawal
Holding
The Noticee was found to have violated Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the PFUTP Regulations, 2003 by executing 6 non-genuine reversal trades in 2 stock options contracts at BSE, generating artificial volume of 60,000 units, and a penalty of ₹5,00,000 was imposed under Section 15HA of the SEBI Act, 1992.
Full text
Adjudication Order in respect of Kumar Gourav Agrawal in the matter of trading in Illiquid Stock Options at BSE P a g e | 2 of 17 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 Kumar Gourav Agrawal in the matter of trading in Illiquid Stock Options at BSE P a g e | 3 of 17 S. N o. Contract Name Avg. Buy Rate (Rs) Total Buy Volum e (No. of units) Avg. Sell Rate (Rs) Total Sell Volum e (No. of units) % of Non Genui ne trades of Notic ee in the contr act to Notic ee's Total trades in the Contr act % of Non Genui ne trades of Notic ee in the contr act to Total trades in the Contr act % of Artifici al Volum e genera ted by Notice e in the contra ct to Notice e's Total Volum e in the Contra ct % of Artificial Volume generate d by Noticee in the contract to Total Volume in the Contract 1 GRSM15APR3 700.00CE 65 20000 45 20000 100 25 100 7.95 2 HULL15APR90 0.00CE 24 10000 4 10000 100 10 100 2.37
Adjudication Order in respect of Kumar Gourav Agrawal in the matter of trading in Illiquid Stock Options at BSE P a g e | 4 of 17
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Source: SecMarx — sebi:Order/BM/GN/2023-24/27871. 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.