sebi:Order/BM/JR/2023-24/25932
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation established; penalty of Rs 5,00,000 imposed ex-parte
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
- Kartick Charan Kundu
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 at BSE, and is liable to a monetary penalty of Rs 5,00,000 under Section 15HA of the SEBI Act, 1992.
Full text
Adjudication Order in respect of Kartick Charan Kundu in the matter of trading in Illiquid Stock Options at BSE P a g e | 2 of 20 Charan Kundu (PAN – BCOPK4506L) (hereinafter referred to as the “Noticee”) was one of the various entities who 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 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 Kartick Charan Kundu in the matter of trading in Illiquid Stock Options at BSE P a g e | 3 of 20
Adjudication Order in respect of Kartick Charan Kundu in the matter of trading in Illiquid Stock Options at BSE P a g e | 4 of 20 contract was in the range of 14.16%. Therefore, the Noticee allegedly generated artificial volume in the above contracts.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:Order/BM/JR/2023-24/25932. 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.