sebi:Order/BM/GN/2023-24/27926
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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
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 26
Parties
- Brajesh Kumar Gupta HUF
Holding
The Noticee violated Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the PFUTP Regulations, 2003 by executing 4 non-genuine reversal trades in 2 illiquid BSE stock option contracts creating artificial volume of 230500 units, 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 Brajesh Kumar Gupta HUF 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 Brajesh Kumar Gupta HUF 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 GRSM15FEB3 600.00CE 150 1250 303 1250 100 7.14 100 4.9 2 INCM15MAR9 5.00PEW3 0.2 114000 3.6 114000 100 6.67 100 13.26
Adjudication Order in respect of Brajesh Kumar Gupta HUF in the matter of trading in Illiquid Stock Options at BSE P a g e | 4 of 17 the Noticee regarding the SEBI Settlement Scheme, 2022. The intimation regarding settlement scheme given to the Noticee is as follows:
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Source: SecMarx — sebi:Order/BM/GN/2023-24/27926. 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.